Abolish Bank Secrecy!

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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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Abolish Bank Secrecy?