The Bank for International Settlements was established in Basel, Switzerland in 1930. It is an international financial institution owned by central banks and serves as a bank for central banks, in addition to acting as an agent or trustee with international financial transactions. It’s made up of members of central banks and monetary authorities, including the Board of Governors of the Federal Reserve System. BIS is governed by a Board of Directors. In fact, Jerome H. Powell serves on the Board. BIS operates with sovereign immunity, and according to their website, some of these immunities not only extend to BIS members under specific activities, but also extend to “systemically important institutions,” which is likely the insurers, and payment systems. There are currently 63 member banks and monetary authorities, plus their subsidiary members under the International Association of Deposit Insurers (IADI). They also have innovation hubs for CBDCs.
In the agreement between the Swiss Federal Council and BIS, a few of the immunities breakdown as follows:
Article 12-15, 18: Immunity for members of the board of directors, officers, bank staff, representatives of (non-)member banks and ‘experts’, including inviolability of all documentation.
Article 24: Immunity of premises.
Essentially, what this means, is that there is absolutely no transparency, traceability, or accountability for where funds are being moved.
The fact that some of these immunities extend to members and appear to extend to “systemically important institutions” by BIS, comes as no surprise. Separately, as seen in the list above on International Organizations with immunity, we know that the following 13 financial institutions do have immunities under the International Organizations Immunities Act:
African Development Bank
African Development Fund
Asian Development Bank
European Bank for Reconstruction and Development
European Central Bank (also listed on BIS under 63 member banks)
Inter-American Development Bank
International Bank for Reconstruction and Development (World Bank)
International Centre for Settlement of Investment Disputes (part of the World Bank Group)
International Development Association (part of the World Bank Group)
International Finance Corporation (part of the World Bank Group)
International Monetary Fund (UN)
Multilateral Investment Guarantee Agency (part of the World Bank Group)
North American Development Bank
https://www.coreysdigs.com/u-s/laundering-with-immunity-the-control-framework-part-1/