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What are privacy/secrecy laws?

April 26, 2017Laws privacy secrecy

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What are privacy/secrecy laws?

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Offshore jurisdictions have secrecy or privacy laws are intended to insure the confidentiality of offshore clients and their financial records and transactions. Privacy laws typically make it a crime for a financial institution such as a bank, brokerage, investment manager or incorporation service (a company that forms offshore companies and trusts) to give out any information about a client or transactions to any third party without an order from a local court.