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How is financial secrecy an obstacle to investigating international financial crime? Define financial secrecy Explain the different components...

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Finance

How is financial secrecy an obstacle to investigatinginternational financial crime?
Define financial secrecy
Explain the different components of financial secrecy: banksecrecy,
corporate/commercial secrecy, economic espionage, professionalsecrecy
Explain the legal exceptions to financial secrecy
Give an example of how financial secrecy is an obstacle tointernational investigations
Show how international co-operation is reducing the significance offinancial secrecy

Answer & Explanation Solved by verified expert
3.5 Ratings (569 Votes)
Financial secrecy means when and individual or institute refuse to share financial information with legitimate authorities This can be due to maintaining confidentiality of the users or in case of cross border investigations This can be useful for the respective body to retain the users utmost confidence but may turn to be hurdle in for the fraud investigating teams Financial secrecy is different from legitimate confidentiality Banks can keep the records safe of the users and it is    See Answer
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How is financial secrecy an obstacle to investigatinginternational financial crime?Define financial secrecyExplain the different components of financial secrecy: banksecrecy,corporate/commercial secrecy, economic espionage, professionalsecrecyExplain the legal exceptions to financial secrecyGive an example of how financial secrecy is an obstacle tointernational investigationsShow how international co-operation is reducing the significance offinancial secrecy

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