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Banking secrecy and money laundering

He Ping (Associate Professor in Criminal Law, Deputy Dean of Studies at East China University of Politics and Law; PhD Candidate, Erasmus University, Rotterdam, Netherlands)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 1 October 2004

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.

Keywords

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

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited