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International Capital Flows Called Criminal

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NODE c23661ccInternational Capital Flows Called Criminal Duncan Frissell <frissell@panix.com>Thu, 25 Apr 1996 07:36:32 -0700 (PDT)

Financial Times, April 24, 1996, p. 8.


   US prosecutor attacks bank secrecy laws

   By Clay Harris

 Mr John Moscow, assistant district attorney for Manhattan:

 "Bank secrecy statutes in international finance are used by
   crooks, tax evaders, securities fraudsters, and capital
   flight fellows; they are used by narcotics dealers. But
   they are not needed by honest folks engaged in honest
   transactions."

Now the last time I looked, 'Capital Flight' was as legal as church on a
Sunday.  Or is this a proposal for exchange controls.  Is this guy a state
or federal prosecutor?  He was also unable to come up with legitimate
reasons for $3 Billion to go from Egypt to the Bahamas.  I can think of any
one of a number of legal reasons, one being "International Tax Planning."

DCF