Problem
Abuse of banking secrecy
Other Names:
Unscrupulous banking proceduresUnregulated secret banking
Covert bank accounts
False-name bank accounts
Numbered accounts
Nature:
Banking secrecy is proverbial, especially in Switzerland, and has been the model for more recent off-shore banking services seeking depositors internationally. However, secret bank accounts can facilitate tax avoidance, tax fraud, the financing of organized crime and international terrorism, and embezzlements by reigning monarchs or despots of their governments funds. Incidence:
Legends of secret fortunes in Swiss banks are connected with the SS and Adolf Hitler, with Shahs and Sheiks, with the Mafia, with the CIA, and with the Vatican, to name a few. Broader Problems:
SecrecyAbuse of economic powerAbuse of confidentiality Aggravates:
Corruptive crimesUnethical banking practices Strategies:
Maintaining banking secrecyExposing abuse of banking secrecyUsing covert bank accountsPreventing false-name bank accounts Subject(s):
Commerce → BankingCommerce → Accounting
Societal Problems → Maltreatment
Defence → Secrecy
Cybernetics → Cybernetics
Related UN Sustainable Development Goals:
Problem Type:
F: Fuzzy exceptional problems Date of last update
30.06.2020 – 13:32 CEST