Tags:
Journalism of Courage
Ever since black money siphoned off into foreign vaults the owner protected by a numbered account and a number of secrecy laws was turned into a campaign issue in
India,the clamour was only likely to grow. But if the recent deal between UBS AG and the US government,under which the Swiss banking major will hand over the details of 4,450 bank accounts to Washington,gave India hope,that hope was short-lived. Last month,the Swiss Banking Association declined to cooperate with an Indian attempt to get information,saying it was a fishing expedition trawling through names. Now the Swiss vice-president,Doris Leuthard,has said that a deal could be reached permitting the Indian government to access the accounts of Indian tax evaders. Of course,the Indian government must provide concrete information and follow a set procedure. Are the Swiss finally serious?
Given that Swiss secrecy laws provide the competitive advantage that runs its mammoth banking industry,the Swiss are unlikely to relent easily they even threatened UBS if it complied with the US courts. India must learn from the United States tactics that resulted in UBS capitulating,but cannot confine itself to that outcome alone. Keep the larger picture in mind: what we need is not just names,but an end to the culture of money protected by dark vaults and darker laws.
