Abolish Bank Secrecy?

Abolish Bank Secrecy!

PLAY VIDEO ►►► Hervé Falciani - HSBC whistleblower

Bank Secrecy allows individual people and organisations to have bank accounts that cannot be reviewed or controlled by authorities or anybody else. Basically it allows them to hide money from the rest of the world. The only publicly known cases of the use of secret bank accounts are criminal uses that range from political corruption and other organized crime to tax evasion.

Up to $ (trillion!), roughly a quarter of all global wealth, could be hidden on secret bank accounts in 2010 according to the Tax Justice Network. This is more than enough (in fact 10, 20 or maybe even a 100 times) to end all poverty in the world and solve the global financial 'crisis'. Political unwillingness to act for real, not only in words, is the one reason this situation still exists and in fact is only getting worse.

The few people who do try to shed light on these matters are either killed or being prosecuted.

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Bank Secrecy, Britain's second empire.

PLAY VIDEO ►►► England and its lingering colonies

"The Spider's Web: Britain's Second Empire" is a documentary on the dominant role of "the City of London" in global Banking Secrecy.

Bank Secrecy is probably the greatest, but scarcely mentioned, threat to global society and in fact the planet itself. It is the gateway to corruption on the highest level, which then allows other forms of organized crime, maffias and illegal trafficking that destabalize global society:

  1. Trafficking of Weapons
    generally known as the biggest business in the world, it pobably maintains all the wars around the world, either declared or non-declared, the cause of the endless flow of immigrants to Europa amongst other.
  2. Trafficking of Drugs
    maintains the world's drug-cartels like those in Mexico destabilzing all of south-America and ruining millions of lives of young people in Europa and all over the world.
  3. Trafficking of People
    Done by international mafias which covers from, again, trafficking of immigrants by the thousands to trafficking of women for prostitution and trafficking of children or even organs.
  4. Trafficking of animals
    Specially the exotic animals that generally are already on the edge of extinction. In this sense, Bank Secrecy and (political) corruption are in fact the greatest threat to bio-diversity and survival of nature. This extends to illegal deforestation and polution.

The so-called global financial 'crisis'

According to the documentary:
"We can end taxhaven and financial secrecy jurisdictions. Here are 5 steps to put and end to them:"

  1. Stop public councils from issuing public contracts to companies operating out of tax havens.
  2. Create public registries of beneficial owners of companies, trusts and foundations.
  3. Introduce full transparency of deals and secret agreements between companies and governments.
  4. Introduce public country by country reporting by multinational companies.
  5. Introduce automatic information exchange between all countries.

The question is who these "we" are. It seems it refers to politicians and political legislation. But since Bank Secrecy and corruption involve politicians in the first place, this route gives little hope, although Europa should be at least a bit better off than other regions of the world. However, simply observing how fearcefully the Netherlands, Luxembourg or Ireland defend their internationally recognized, and by some very appreciated, positions as tax havens, makes it clear there is a long way to go before politics and politicians take true actions against more serious Bank Secrecy.

Possibly only we, the people, are willing to truly fight this disease and we should find creative and intelligent ways do so ourselves, bottom-up, as in fact should be European politics anyway. How to break this priority European and Global problem also needs common sense and creativity.

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Abolish Bank Secrecy?