Archive for the ‘bahamas’ tag
The Bahamas as an Offshore Jurisdiction no comments
Bahamian banking secrecy, fishing wholesale
, is, fishing wholesale
, somewhat misleading in that that banking institutions are prohibited from divulging a clients or account holders information to a third party without the clear consent of the account holder (think Americans may have to sign waivers when opening an account) or under a Bahamian court order.
The bad part is that banking institutions are freely permitted to divulge that a particular person or company does in fact have an account with that bank. While the bank cannot, according to Bahamian law, divulge specific details or account balances, they certainly can divulge who their account holders are. This means wholesale fishing expeditions are a distinct possibility, for example give us a list of every account holder from a certain country.