Part I of this Note describes the conflict of laws between foreign bank secrecy policies and United States tax laws, and how the use of unilateral investigatory methods have intensified that conflict. Part II surveys the development of compelled waiver case law in the United States and the Cayman Islands since the introductino of the evice in 1981, and sicusses how use of the waiver has raised questions of international comity and conflict of laws. Part III evaluates the failure of United States courts to address completely the international legal problems posed by unilateral investigatroy methods, and cites the analysis of cross-border subpoenas as a vivid example of this failure. Part IV proposes that the United States and the Cayman Islands acknowledge that the conflict between their national policies cannot be resolved in the courts of either state and suggests that they negotiate a treaty. The Note concludes that only through international cooperation will the public policies of each jurisdiction be given fair, unbiased treatment.
Ellen C. Awwarter,
Compelled Waiver of Bank Secrecy in the Cayman Islands: Solution to International Tax Evasion or Threat to Sovereignty of Nations?,
9 Fordham Int'l L.J. 680
Available at: http://ir.lawnet.fordham.edu/ilj/vol9/iss3/6