Banks and Banking

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Has KYC (Know Your Customer) legislation gone too far, giving excessive power to bankers who may breach the privacy of their customers and decide who can be involved in which business? Are banks and governments too much intertwined? Are banks tax collectors or gate keepers for governments or do they still serve their clients’ interests? Do secrecy jurisdictions including British Dependencies, US Tax Havens, Switzerland, Liechtenstein, Luxembourg, etc. actually contribute to global trade and development or are they harmful?

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