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I refer to an Article by Dr Anna Mallia published in your paper on 8 October 2006 under the heading “Your right to know”.
In her article, Dr Mallia states that “Uncle Sam, thanks to the computer, keeps a constant vigil on all our movements thanks to the travel tax I have just mentioned and to our credit card statements. Because believe it or not, visa statements are not protected by the bank secrecy and the tax officials have access to all the transactions we make with our credit card”. Dr Mallia continues that “I personally cannot understand why the tax people are following our movements through the Visa state ments”.
These statements are totally incorrect. Credit card accounts and statements thereof are covered by the established principles of confidentiality and banking secrecy enshrined in our legislation in exactly the same manner as any other type of bank account. Thus, the tax authorities do not have any access by computer or otherwise to the banks’ credit card records.
James Bonello
Secretary General
Malta Bankers Association
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