The JCPC Reaffirmed The Exception To The Bank Secrecy Rule

Further to the oral judgment of the Judicial Committee of the Privy Council (JCPC) on 06 July 2023 as summarised here (The JCPC Overrules The Judgement Of The Supreme Court Of Mauritius In Stanford Asset Holding Limited V Afrasia Bank Limited And Grants Disclosure Order | Appleby (applebyglobal.com)), the JCPC has, on 10 October 2023, stated its reasons for granting a disclosure order in the case of Stanford Asset Holding Limited v/s Afrasia Bank Limited 2023 UKPC 35.

The case concerns an application made by Stanford Asset Holding Limited (Stanford) for the disclosure of information pertaining to its stolen monies in the sum of USD 11,145,000 which were allegedly fraudulently transferred to a third party, Key Stone Properties Ltd by Afrasia Bank Ltd (Afrasia Bank). The purpose for such an application was to trace, freeze and recover the misappropriated funds.