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January, 1998 |
IRS CID summons
pierces secrecy in Bahamas PTA at Marine Midland
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| Intro: |
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LANDMARK RULING BY A FEDERAL court in New York, prompted by an
unsuccessful challenge to a summons by the Internal Revenue Service
Criminal Investigation Division, should cause offshore banking
centers worldwide to worry that their hallmark bank secrecy can be
penetrated through a controversial United States banking product
known as a "payable through account." |
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| Excerpt: |
Offshore Alert,
a Miami-based newsletter, reported in September 1997 that
Ansbacher's managing director David Fawkes was reprimanded by the
Central Bank of the Bahamas for not informing the body promptly that
the IRS was seeking information about its clients.
The report said the Central Bank "reminded" Fawkes of his "duties
and responsibilities" to preserve bank secrecy and the implications
for the island's banking industry if it was seen to be cooperating
with the IRS. |
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