I Cannot Tell a Lie

Abstract

This will just be a brief remark, but I’d first like to say what inspired it. At the 12th International Symposium on Economic Crime there was a presentation by the Attorney General of Bermuda where he told about a court case that had happened in the US where a US citizen was served with an order by the court to write to a bank in Bermuda asking them whether he had an account with them, and if he did, to send details of all the transactions that had taken place against that account. So what the court was trying to do was overrule the Bermudan banking secrecy laws. What I asked him at the time was, would it have been legal for a Bermudan bank to have a special form of bank account for American citizens where the contract says, if you wish to request any information about your account, we’re happy to give it to you provided you send us a signed affidavit saying you are not subject to any request for that information by any judicial authority anywhere. And his response was, yes that would be perfectly legal and that’s a good idea.