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Rampant Terrorist Activity - Essay Example

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The author of this essay "Rampant Terrorist Activity" explores the duties of the banker to his client in the era of rampant terrorist activity. Admittedly, the banking institution is one of the important factors in the development and stability of the nation. …
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Rampant Terrorist Activity
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Download file to see previous pages The bank should not give any reference or opinion without obtaining the consent of the client. In the case of Turner vs. Royal Bank of Scotland, the court ruled that the bank should not give “banker’s opinion” or “banker’s reference” regarding the account of the client based on an implied consent. As aptly held by the Court of Appeals, the clients are entitled to the confidentiality of their account and it is not for the banks to privately agree otherwise. Further, a bank could not rely on banking practice to imply its customer's consent to the use by the bank of confidential information in order to give other banks references about his creditworthiness.
The bank can freeze client’s account in cases where the account of the client is suspected as proceeds of the crime. For example, in the crime of money laundering, the Proceeds of Crime Act of 2002 provides that the disclosure that complies with the 3 conditions does not constitute the breach of the duty of confidentiality. The 3 conditions are the following: a). the information or other matters disclosed come to the person making the disclosure in the course of his trade, profession, business or employment, b). the information or other matter causes the person making the disclosure to suspect or gives him reasonable grounds for knowing or suspecting that another person is engaged in money laundering and c). the disclosure is made to the nominated officer as soon as is practicable after the information or other matter comes to the discloser....
n banking practice to imply its customer's consent to the use by the bank of confidential information in order to give other banks references about his creditworthiness. Another restriction imposed on banks is that it will not be allowed to breach its duty of confidentiality merely to comply with a writ emanating from another jurisdiction as held in the case of X AG v A. Bank [1983] 2 All E.R. 464. Duty of Confidentiality and its exceptions The bank can freeze client’s account in cases where the account of the client is suspected as proceeds of the crime. For example, in the crime of money laundering, the Proceeds of Crime Act of 2002 provides that the disclosure that complies with the 3 conditions does not constitute breach of duty of confidentiality. The 3 conditions are the following: a). the information or other matters disclosed come to the person making the disclosure in the course of his trade, profession, business or employment, b). the information or other matter causes the person making the disclosure to suspect or gives him reasonable grounds for knowing or suspecting that another person is engaged in money laundering and c). the disclosure is made to the nominated officer as soon as is practicable after the information or other matter comes to the discloser. Under section 328 of the same Act, it was stated that (1) A person commits an offence if he enters into or becomes concerned in an arrangement which he knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person.(2)But a person does not commit such an offence if—(a)he makes an authorized disclosure under section 338 and (if the disclosure is made before he does the act mentioned in subsection (1)) he has the ...Download file to see next pagesRead More
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