The institution of banking secrecy is on the brink of death. The destruction of the World Trade Center in New York on 11 September 2001 and the 2007-2009 financial crisis can both be considered fateful events for the future of banking secrecy. The first event was the start of the fight against terrorism organised by Washington, under the pretext of which the US authorities began trying to obtain open-ended access to information about banks’ customers, their accounts and transactions. The Patriot Act, passed after 11 September 2001, provided US intelligence agencies with full access to what had been classified banking information in America without having to obtain special permission from the public prosecutor’s office and the courts. Through various international organisations (the OECD, the IMF etc.), Washington later began to seek free access to banking information throughout the world...
Valentin KATASONOV | 15.05.2014