Banking secrecy and money laundering

Banking secrecy and money laundering Addresses the conflict between banking secrecy and the fight against money laundering. Looks back at the origins of banking secrecy in the Swiss havens for German Jews’ money in the 1930s, and at the various reasons given justifying secrecy. Shows how banking secrecy has been lifted in response to the perceived need to prevent its being used as a money laundering device. Moves on to review banking secrecy in China, where it is enshrined in law but is not absolute: there are 11 institutions that have the right to enquire into an individual’s savings deposits, and recent legislation has been passed against money laundering. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Banking secrecy and money laundering

Journal of Money Laundering Control, Volume 7 (4): 7 – Oct 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200410810074
Publisher site
See Article on Publisher Site

Abstract

Addresses the conflict between banking secrecy and the fight against money laundering. Looks back at the origins of banking secrecy in the Swiss havens for German Jews’ money in the 1930s, and at the various reasons given justifying secrecy. Shows how banking secrecy has been lifted in response to the perceived need to prevent its being used as a money laundering device. Moves on to review banking secrecy in China, where it is enshrined in law but is not absolute: there are 11 institutions that have the right to enquire into an individual’s savings deposits, and recent legislation has been passed against money laundering.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Oct 1, 2004

Keywords: Money laundering; Banks; China; Privacy

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