Bank secrecy hinders criminal investigation

Gylfi Magnusson the new minister of Business Affairs is very unhappy about the bank secrecy laws in Iceland, according to Mr. Magnusson says it is absurd that bank secrecy hinders criminal investigations of the financial collapse that has devistated Iceland to the brink of national bakruptcy. This includes billions (isk) loaned to owners of the banks and companies related to them.

Mr. Magnusson claims that “we have gone to far in allowing bank secrecy, and that is a big part of the reason why banks could get away with everthing they did.”
Laws to lift the secrecy make way for future tradelaws will probably not be set until after the elections, set in late april 2009.

Most people not directly involved are appalled by the bank secrecy issues. Transparency is the way to the future…. it only remains to be seen if the politicians agree.


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