Combating the Crime of Money Laundering in Light of Banking Secrecy Acts and Their Impact on Legal Liability , A Comparative Study

Abstract

One of the most serious contemporary challenges that appear as a result of  mmodern technology is money laundering which is practiced through banking operations governed by banking secrecy Acts.This research aims to determine the scope of legal exceptions to combat money laundering that allow banks to disclose and provide public authorities with information and data in specific cases attaining interest of the state and society.These exceptions do not diminish the importance of bank secrecy, but they identify common interests in accordance with the interests of banks, clients and the public interest.This research has reached some results ,the most important of which is that bank secrecy is compatible with combating the crime of money laundering and the secrecy of banking if we consider that the basis is the secrecy of banking and exception is the withdrawal of this secrecy.

Keywords: Combating money laundering, bank secrecy, legal liability, Jordanian legislation, obligation to disclose information, comparative legislation.

DOI: 10.7176/JLPG/91-03

Publication date: November 30^th 2019