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U.S. Officials to Lobby FATF for Relaxation of Privacy Restrictions, Say Sources
By Colby Adams
printU.S. officials will soon ask an influential intergovernmental group to call on its members to relax laws preventing bank affiliates from sharing data on suspected financial crimes, say sources. Representatives from the U.S. Treasury Department will lobby members of the Paris-based Financial Action Task Force (FATF) in working group meetings and during a June plenary to be held in Oslo, according to a former American official, who spoke on the condition of anonymity. "What the U.S. side is going for is something very clear: that bank secrecy provisions shouldn't stand in the way of [a global bank's] risk management if...
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