BANKING: Fighting for Privacy

Round 1 of what promises to be a long court battle between the Treasury Department and the banking industry ended last week with each side scoring a knockdown. The tussle began more than two months ago, when the totally misnamed Bank Secrecy Act was scheduled to take effect. The law is intended to help the Government check up on such malefactors as tax cheaters and Mafia dons by forcing banks to disclose much information about transactions by customers. All along, leaders of the banking establishment have voiced their loud disapproval. The act, they claim, would lead to a "total...

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