The Navajo Nation has signed an agreement to consider establishing a bank similar to secret banks in Switzerland or in Caribbean countries, The Gallup Independent reports.
The tribe is working with North Cove Management, a Nevada trust. The agreement calls for research to establish a Foreign Depository.
According to The Independent, the venture would be a test of federal anti-terrorism laws, including the USA Patriot Act. The government has clamped down on secret bank accounts to stem the flow of terrorism money.
Get the Story:
Navajo Nation as America's Swiss banker?
(The Gallup Independent 3/4)
Relevant Links:
Navajo Nation - http://www.navajo.org
Navajo Nation considers role as banking haven
Friday, March 5, 2004
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