Do you have any banking privacy?
Bank privacy throughout history has improved the economic situation of entire countries and even saved the lives of thousands. During the Hitler era in Germany, it became a capital offense for a German Jew to have a foreign bank account. In reaction to Germany executing Jews under this law, Switzerland increased the strength of its protection of bank privacy, making it a civil and criminal offense to release information on any account. The German government was no longer able to search the records of Swiss banks to persecute the depositors and thousands of German citizens were able to avoid execution. Seventy years later, bank privacy is reviled by governments worldwide. In the USA, the Bank Secrecy Act, the Patriot Act, the HIRE Act, and other laws prevent banks and depositors from keeping their financial affairs confidential. Every bank transaction is subject to scrutiny. The SWIFT wire transfer system is now open to warrantless inspection by the National Security Agency. Tax information exchange agreements between the USA and leading offshore jurisdictions further threaten our financial privacy. Mark Nestmann, an International Tax and Asset Protection Expert, joins Bill Faiferlick to discuss bank privacy.
Mark Nestmann, Wealth Preservation Consultant, US
Mark Nestmann is an investigative journalist and wealth preservation consultant with more than 20 years of investigative experience. He is the President of The Nestmann Group, Ltd., and the Tax and Asset Protection Editor for The Sovereign Society. He is the author of many books and reports dealing with wealth preservation, international tax planning and offshore investing. His consulting firm provides wealth preservation and international tax planning services. Mark is an Associate Member of the American Bar Association (member of subcommittee on Foreign Activities of U.S. Taxpayers, Committee on Taxation) and Member of the Society of Professional Journalists. In 2005, he was awarded a Masters of Law (LLM) degree in International Tax Law at the Vienna University of Economics and Business. Mark is the author of several reports and books, including THE LIFEBOAT STRATEGY, AUSTRIAN MONEY SECRETS, and THE BILLIONAIRE’S LOOPHOLE. To order his books and reports go to: www.nestmann.com.