Banking on Secrecy — The Price for Unfettered Secrecy and Confidentiality in the Face of International Organised and Economic Crime

It is the author's view that there is a fairly broad consensus on the nature of the confronted threat. This is how the composition, the scope, the magnitude and the creativity of the transnational criminal elements are changing and growing — thanks in large part to the electronic information network that everyone has come to know and rely upon. As an example, there are the recent headlines in the USA surrounding an investigation allegedly involving funds in part generated by organised crime in Russia and seemingly involving dozens of banks around the globe. Whether there is money laundering or not, no matter the true source of the funds, the matter clearly highlights a growing concern which needs to be addressed in a spirit of cooperation. It is a fact that in using global electronic banking and other financial networks, it appears that financial institutions in many countries were used to moving billions of dollars in a relatively short period. This case study in the flow of not just money, but value, illustrates the types of vulnerability and challenge presented by electronic transfers to law enforcement, financial institutions and policy makers.