Friday, March 13, 2009

Swiss and other secret bank Accounts

Time has come to end quasi legal protection for thieves, smugglers and tax cheats of the world.Traditionally all the ill gotten money went to Swiss bank where for secrecy they kept money and charged for keeping it .Most of the owners died and money remained with the bank.It has been a wonderful racket.Most of the abusers of the system were dictators and others who stashed these hush funds for rainy day and benefited the Swiss society.The system might have protected some genuine interests of affluent and under persecution people.Cost of all this has been prohibitive for poorer nations.It gave a protection to covert actions of spy agencies of many countries.I remember distinctly how Colonel Oliver North used Swiss bank to funnel the funds to contra .We may never know all the details.
There is no reason for such secrecy in new connected world trade and open society is the mantra.Black list these tax havens as the thieves they are .I have not heard any argument for the protecting them other than the need of some clandestine spy organisation.In the interconnected world sunshine is the best disinfectant and guarantee of security.

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