A Navajo Nation attorney won't get involved with a proposed off-shore bank on the reservation because he says it will violate federal law.

Tribal leaders are floating a proposal to create a bank for foreign investors. They say it will be exempt from state and federal laws.

But the tribe's assistant attorney general James Fitting thinks the scheme is illegal and may violate the USA Patriot Act. In the wake of the September 11, 2001, terrorist attacks, the government has clamped down on secret bank accounts.

Fitting also says the tribe may be held liable if the bank fails.

Navajo Nation President Joe Shirley Jr. has signed an agreement with a group called North Cove Management to explore a foreign depository on tribal land.

Get the Story:
Navajos want off-shore bank (The Farmington Daily Times 4/7)

Relevant Links:
Navajo Nation - http://www.navajo.org

Related Stories:
Navajo Nation considers role as banking haven (03/05)