On shore Privacy - What Privacy?

by Peter This kind of thing doesn’t happen in offshore banking centers around the world – because it’s against the law. Laws inshore are written to invade privacy rather than protect it – the same way as the various provincial securities commissions purport to protect the public when in fact they are there to protect the industry – the ultimate in hypocrisy. Almost every country now has a bank privacy or bank secrecy act.





It is misnamed because the act doesn’t protect privacy rather it lays out the conditions, rights and powers to break the privacy without your knowledge or permission, free of liability. When you apply for a bank account onshore your signature releases the bank of any liability in releasing information on your accounts, in effect making them spies for the tax man. There is no law that says a bank teller or bank manager cannot disclose information on any client or any client’s business activities to Revenue Canada.

Onshore banks also sell your name and personal information to marketing companies. And, if an employee of Revenue Canada walks into your bank (even without proper identification) and asks them for your information, they bend over backwards to get it for them, while you wait in long lines for service. Offshore banks take pride in protecting your privacy. There are cases where they’ve had IRS agents arrested for illegally attempting to gain information at world banking centers offshore.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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