[OffshorePrivacy]

See below this report from Switzerland -- all SWIFT transactions and messages are stored in the US until 2012 meaning any transaction via SWIFT can be reviewed and they can see the sender, amount, date and receiver.

The Swiss Financial Market Supervisory Authority, FINMA, has released a statement warning of the residual risks associated with payment and securities transactions with regards to bank client data.

Its statement notes:

'In the course of carrying out payment and securities transactions, information and messages are exchanged by banks and securities dealers. This exchange of information occurs when conducting international and in some cases domestic payment and securities transactions and when making information inquiries through the SWIFT system. It is essential as a means of facilitating connections between all banks and ensuring the orderly processing of clients' transactions. Data protection is accorded by the strict data protection standards adhered to by SWIFT. However, SWIFT stores data abroad. Up until 2012, data will be stored in the Netherlands and in the US, and from 2012 onwards they will be stored in Switzerland and the Netherlands. For technical reasons it was not possible to devise an economically feasible, practical solution as an alternative to SWIFT that could have been used for all domestic payment and securities transactions.'

It continues:

'Data stored abroad are no longer protected under Swiss law and may be passed on to foreign authorities in accordance with the regulations of the country where the client data is stored (stored in the US until 2012, thus available to US authorities until then). In view of the residual risk these circumstances entail, the Swiss Bankers Association has issued, as agreed with the FINMA and the Federal Data Protection Commissioner, a general client information notice with a comprehensive guide explaining how the system works, and the implications of Switzerland’s new Tax Information Exchange network on bank transfers. The guidance note is available via the Swiss Bankers Association website.'

[honestgroup]

wow thank you for this valuable information

[CashCambist]

Yes, SWIFT messages have been stored in the US for some time now. Is this not how the Bush administration had access to SWIFT wire information on "terrorist" suspects and whomever else they might have looked at without telling anyone?

The East should really start their own SWIFT-like system, then maybe this type of BS could not go on.

[olim]

the East does not care, any government likes control. Why switch to SWIFT when surveillance is perfected to such degree? Expect this noose to tighten always a little more...

[CashCambist]

Originally Posted by olim

the East does not care, any government likes control. Why switch to SWIFT when surveillance is perfected to such degree?

I'm sure the East cares when it is possible that their own large corporations' or government's international transactions are potentially spied upon. And I know they like control, so why should they not want their own SWIFT-resembling network?

[OffshorePrivacy]

Just think if someone has a personal offshore bank account and uses SWIFT to transfer funds -- any privacy they think they had has just evaporated. It if is a corporation name and not a personal name it makes it much more difficult.

And remember, even if you have an European offshore account say in Switzerland and you send a personal wire to a non-Iban bank this requires the use of the SWIFT system.

I am also sure the US has been more than willing to share this information with their allies Britain, Germany, France, etc.