32-8-102. Purpose. The legislature finds and declares that:
(1) political instability, economic insecurity, and financial risk outside the United States create incentives for the transfer and investment of foreign capital derived from legitimate estates and business activities to relatively safe places such as Montana;
(2) political conditions in some countries are contrary to the fundamental freedoms and individual liberties codified in international human rights law and contained in the Montana constitution;
(3) it is in the public interest of Montana to attract legally derived foreign capital for investment, revenue enhancement, and other economic development purposes as well as to facilitate tax abatement for residents and businesses in the state;
(4) the legislature has the authority, in connection with its effort to improve economic conditions in the state, to treat foreign persons differently than it does Montana citizens with respect to equal protection of the law;
(5) because the Internal Revenue Code prohibits Montana from offering the type of tax shelters to American citizens that are available to them in foreign jurisdictions and because few of the conditions prevalent in other countries that give rise to capital flight exist in the United States, Montana is both compelled and rationally motivated to offer specialized private financial services exclusively to foreign customers;
(6) the state has the competence, capacity, and legitimate authority to charter and regulate financial institutions under the dual banking system of the United States;
(7) a prudent blend of financial privacy, asset protection, and profitability may offer foreign depositors unique opportunities to build and preserve their wealth in Montana;
(8) it is the intent of the legislature to protect both state and national interests by promoting legal and technical standards and procedures to deter, prevent, and detect money laundering and other types of financial crime.
History: En. Sec. 1, Ch. 382, L. 1997.
