§ Mr. Andrew SmithTo ask the Secretary of State for the Home Department if he will raise with his counterparts in other European Community and OECD countries the case for binding international agreements to allow investigation of bank accounts in the course of inquiries into international financial fraud.
§ Mr. Jack[holding answer 5 June 1992]: We already have arrangements to allow our investigators to pursue financial inquiries overseas. The Criminal Justice (International Co-operation) Act 1990 enables us to provide full mutual legal assistance to other countries, including evidence concerning bank accounts, and to obtain such assistance from overseas. In addition, the Secretary of State for Trade and Industry and the director 79W of the Serious Fraud Office have powers of their own to investigate international frauds. And we shall shortly be introducing new legislation to extend the jurisdiction of our courts in relation to fraud committed across national boundaries.
We accept, both in principle and in practice, that bank secrecy should be lifted to allow the investigation of criminal offences. We have argued at the international level, most recently through our membership of the financial action task force on money laundering, against the use of hank secrecy to inhibit action against international criminal activity including money laundering and financial fraud.