Banks and financial intermediaries statutory disclosure requirements

Although all international financial centers have strong confidentiality regime embedded into local law, there are a lot of regulatory changes that taking place and generally in the following situations the banks are obliged to make statutory disclosure:

  • situation when it is necessary in a view of compliance with an order or request made under some specific provision or law for the purposes of investigation of prosecution
  • circumstances of alleged or suspicions of committed offences
  • orders issued by Courts of appropriate/applicable jurisdiction
  • orders issued by law enforcements agencies of appropriate/applicable jurisdiction

In near future all G20 countries will try to enact FATCA similar legislations in order to make virtually any international financial centers to become tax agents of G20 countries and report all information automatically.

We strongly urge you to consult tax specialist in your home countries and take tax specialist advice.