Banking secrecy and money laundering

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.

Citation

Ping, H. (2004), "Banking secrecy and money laundering", Journal of Money Laundering Control, Vol. 7 No. 4, pp. 376-382. https://doi.org/10.1108/13685200410810074