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Video instructions and help with filling out and completing Fincen bank secrecy act
Bank Secrecy or Bank privacy is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers except in certain conditions such as if a criminal complaint has been filed in some cases additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways bank secrecy is prevalent in certain countries such as Switzerland Lebanon Singapore and Luxembourg as well as offshore banks and other tax havens under voluntary or statutory privacy provisions numbered bank accounts were first created in Switzerland by the Swiss banking Act of 1934 where the principle of bank secrecy continues to be considered one of the main aspects of private banking Switzerland has also been accused by NGOs and governments of being one of the main instruments of the underground economy and organized crime in particular following the class action suit against the Vatican Bank in the 1990s the clear stream scandal and the terrorist attacks of September 11th 2022 former bank employees from banks in Switzerland UBS Julius Baer and Liechtenstein light Group have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland one of these Rudolph M Elmer wrote it is a global problem offshore tax evasion is the biggest theft among societies and neighbours states in this world the Swiss Parliament ratified on June 17th 2022 an agreement between the Swiss and the United States government's allowing UBS to transmit to the US authorities information concerning 4400 and the American clients of UBS suspected of tax evasion advances in financial cryptography for example public key cryptography could make it possible to use anonymous electronic money and anonymous digital bearer certificates for financial privacy and anonymous internet banking given enabling institutions for example issuers of such certificates in digital cash and secure computer systems.