The Navajo Nation has signed an agreement to consider establishing a bank similar to secret banks in Switzerland or in Caribbean countries, The Gallup Independent reports.

The tribe is working with North Cove Management, a Nevada trust. The agreement calls for research to establish a Foreign Depository.

According to The Independent, the venture would be a test of federal anti-terrorism laws, including the USA Patriot Act. The government has clamped down on secret bank accounts to stem the flow of terrorism money.

Get the Story:
Navajo Nation as America's Swiss banker? (The Gallup Independent 3/4)

Relevant Links:
Navajo Nation - http://www.navajo.org