tag:blogger.com,1999:blog-17069420.post111963192161794055..comments2007-08-09T10:57:03.153-07:00gabouyhttp://www.blogger.com/profile/12475710882220245501noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-17069420.post-29883122782753543162007-08-09T10:57:00.000-07:002007-08-09T10:57:00.000-07:00urufish, arent banking secrecy laws absolute? How would the banks keep the account data secure and from what? Would banks perform their own AML check? Would a regulator do it for banks? Do you have something like the FDIC/SEC here? Who fined the banks? If they fined the banks, how did they find out about the irregularities?<BR/><BR/>I have lots of questions about the banking and finance sector in UY<BR/>:)antnoreply@blogger.comtag:blogger.com,1999:blog-17069420.post-60296214209435682772007-08-07T20:45:00.000-07:002007-08-07T20:45:00.000-07:00urufish, you have a point there, but then I wonder, if it's 100% legit then how come the states, and the rest of first world nations don't have it?gabo_uyhttp://www.blogger.com/profile/12475710882220245501noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-33169775599479649832007-08-07T20:27:00.000-07:002007-08-07T20:27:00.000-07:00I came here long after banking secrecy was part of the banking system. I lack the historical perspective to speak with authority on its original purpose.<BR/>But it is here and it does exist and it is a legitimate business that provides jobs and benefits the Uruguayan economy.<BR/><BR/>The banks that cater to this trade pay employees and taxes on their profits. When an investor places his money in a Uruguayan bank, at least he's aware of the country and if an opportunity presents itself, he may very well take advantage of it. If he didn't have his money here, that opportunity wouldn't be on his radar. <BR/><BR/>You misinterpret the bank secrecy laws as they stand today. Perhaps years ago money laundering was a real business within the banking system but it is not today. Secrecy does not extend to illegal or fraudulent activities in the Uruguayan banking system. If an account is suspected of being involved in money laundering, (there are mechanisms in place that monitor this), the account activity is not protected by the secrecy laws and furtheremore, the accounts can be seized. <BR/><BR/>There have been at least 2 high profile banks fined large amounts in the past 2 years that have branches in Uruguay. These fines were for 'record keeping irregularities'. <BR/><BR/>A large number of wealthy people in this world prefer that their legal activities remain secret. That's what the Uruguayan banking system provides. Secrecy for legal financial activities. It's as legitimate a business as any other.Urufishhttp://www.blogger.com/profile/15143331212171044104noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-13230702042369860142007-07-25T16:08:00.000-07:002007-07-25T16:08:00.000-07:00that's exactly my pointgabo_uyhttp://www.blogger.com/profile/12475710882220245501noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-86279997763513628892007-07-25T14:41:00.000-07:002007-07-25T14:41:00.000-07:00urufish,<BR/>Why should the UY govt encourage money laundering? Wouldnt that happen when they provided everyone with this kind of 'secrecy'? Should UY be another Switzerland or the Caymans?<BR/>Gabo has a point. Bank deposits are 'hot money'. It could disappear over night depending on the way the winds of the world market blow.<BR/><BR/>Bank Deposits would be worse than FIIs or FDI for stability or long term prospects of the country.Antnoreply@blogger.comtag:blogger.com,1999:blog-17069420.post-4993914563883440512007-07-18T09:32:00.000-07:002007-07-18T09:32:00.000-07:00urufish, i'm under the impression that these foreign deposits in Uruguayan banks are not such a great help on Uruguay's economy. Since they can be gone any minute they are not invested in the country, and if I want to get a loan things are not easy for me. My point being if this is not translated to some form of benefit for Uruguayans then it's not a good deal.<BR/><BR/>Not all foreign deposits should be encouraged but only long term investments.<BR/><BR/>Seems to me Uruguay's banking secrecy only benefits those in monkey business, and all the money laundry that's going on in Uruguay is more harmful than anything else. Let's take real state for example, money laundry only raises the prices, those wanting to sell speculate with some out of this world proposal, leaving the working guy out of the circuit.gabo_uyhttp://www.blogger.com/profile/12475710882220245501noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-27556251535437781602007-07-18T07:02:00.000-07:002007-07-18T07:02:00.000-07:00It's very important that Uruguay maintain secrecy laws for foreign investors. There is a great deal of money on deposit in Uruguayan banks that might leave the country if those laws are changed. The government must proceed very carefully to avoid causing a 'run' on the banks... We've all seen what that looks like (2002). No one wants to see it again.<BR/><BR/>The problem for the government is how do they audit individuals who come under suspicion without frightening foreigners. They could pass a law that says secrecy only applies to foreigners, but as a foreigner, I can tell you that would frighten me. Passing that law sets off an amber light for a foreigner. Red always follows amber. <BR/><BR/>It looks like they've come up with a quiet way to do this without frightening foreigners. When you sign up to add yourself to the system, one of the things you agree to is to giver authorization to the DGI to look at your bank records. This is a low profile, quiet way to do this without alerting foreigners.Urufishhttp://www.blogger.com/profile/15143331212171044104noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-69145767331055827052007-07-16T11:22:00.000-07:002007-07-16T11:22:00.000-07:00sorry, you lost me. where did u entered your email address?gabo_uyhttp://www.blogger.com/profile/12475710882220245501noreply@blogger.comtag:blogger.com,1999:blog-17069420.post-17283712287974713212007-07-16T08:26:00.000-07:002007-07-16T08:26:00.000-07:00Why am I not allowed to receive information on visiting Uruguay? I entered my email address and I was rejected. Why?Anonymousnoreply@blogger.com