US authorities given additional powers to subpoena foreign banks

The recently passed US defence bill significantly increases the scope of banking records that the Justice and Treasury departments can demand from foreign banks. The National Defense Authorization Act (NDAA), which became law on 1 January, states the authorities can subpoena any foreign bank that maintains a correspondent account in the US, even if the agency’s evidence request is unrelated to the US-based bank account that establishes US jurisdiction.

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