Banking confidentiality - what happened?
At Woodbrook Group Corporate Service, our challenge is to provide our clients with the fundamental rights to privacy of their information and to protect their assets from attack and confiscation.
A fundamental right of Western democracy is the basic concept of the individual’s right to privacy. Indeed, the right of privacy has been the cornerstone of the legal, medical and banking professions, and of the individual’s relations with the clergy. This right is embedded in the foundation stone of civil liberty.
Through the centuries, and especially during times of war, civil unrest and political turmoil, confidence in the discretion of bankers became indispensable for the protection of private assets and the confidentiality of banking information was accepted by nearly all European nations.
In recent years, however, governments and regulatory authorities have shown a change of attitude that has resulted in the serious erosion of the fundamental right to privacy. Certain governments have abused the purpose of new anti-terrorism legislation in other countries to attack their political and economic opponents and their assets. In some countries, new laws have even been used to make lawyers and bankers effectively agents of the tax authorities.
Whereas many professional bodies have raised the strongest objections to the attack on the right of confidentiality of information with clients, some banks have volunteered information on accounts held at overseas branches to their domestic tax authorities driven by their own fear of criminal prosecution, and such information has been passed without prior or subsequent advice of their actions to their clients.
At Woodbrook Group Corporate Service, although we applaud protection against terrorism, we abhor the abuse of civil liberties and in particular our right to confidentiality.
Our challenge is to provide our clients with the fundamental rights to privacy of their information and to protect their assets from attack and confiscation. We will not use financial institutions to hold assets on behalf of our clients unless we are certain that the financial institution will uphold its fundamental obligations on confidentiality and its fiduciary duties. Equally we will not use jurisdictions that do not respect and uphold the fundamental right of clients of confidentiality.
Criminals have never had the right to confidentiality of their banking information and do not have such a right today. Woodbrook Group Corporate Service will assist no criminal in any way. All our clients must satisfy our strict requirements on themselves and their wealth creation, as well as their activities.
Your information is safe in our hands, always. This statement is the cornerstone of our trust and integrity.