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Can You Lay Hands To Corrupt Money?
By Raghavendra Rao of Poornaprajna Cyber Quest
Swiss Banks protect confidentiality of account holders and their transactions. They are known for their strict secrecy laws. Such protection breeds unlawful money deposits into their banks. Many countries including India are unable to unearth ill-gotten money that would have fallen into the exchequer of their nation. Swiss Banks are a safe haven for tax evaders, illegal dealers, corrupt politicians, officials and black money kings. If Switzerland nation changes its policy and make known public, the details about account holders and their financial transactions, probably every nation would catch hold of black sheep and deal with them sternly. Huge amount of money of suspicious sources if released probably would help tackle the present day monster called 'recession'. World would have been happier to overcome the financial crisis. According to an estimate by a political party, about 25 lakh crores (250,000,000,000,000)of money is held illegally by Indians in various Swiss banks. UBS, a banking giant in Switzerland showed the path last month. It supplied confidential client data to the US tax authorities under pressure. The United States had demanded information about thousands of accounts held by Americans who had evaded taxes in the country. The bank initially refused, but had to oblige the US when it was threatened with cancellation of licence to operate in America. UBS would have had to close its shop if the US had put into realities what it had threatened. Unable to bear the consequences, the UBS had no option but to supply the required information even though classified as confidential. Other countries could not do what US did. Bank accounts are based upon mutual agreement between the bank and the account holder. Under the agreement, confidentiality about the client and his transactions are to be maintained. This is a good excuse for Swiss banks to reject the demand of various countries for information about its citizen having banking operations with them. Money from tax evasion, corruption, crime and all kinds of illegal activities are deposited in these accounts. India does not command power enough to bend Swiss banks to reveal amount and nature of Indian money in their accounts as its elder brother US could do. It remains to be seen how politicians who claim that they would bring back Indian money in Swiss banks if they are voted to power do succeed in fulfilling their promise. It is unfortunate that Swiss government is shielding illegalities and crime related funds in its kitty. Banking practices have to be clean and transparent especially when the globe is experiencing unprecedented financial crisis. If policy of Swiss government regarding the banking accounts is changed Indian politicians could realize their dreams of bringing back the Indian money. Otherwise, it would be difficult for them to keep up their promise. But beyond electoral promises, there should also be a strong will on the part of the authorities to recover the tainted money. Promise of political parties to bring back Swiss bank account money of Indian citizens remain a hollow promise if the details of account holders and their money relate to the very same politicians who are making promises or their relatives and their wanted ones. If realized, the electoral promise of political parties would put India on rails of prosperity and India would become a global leader.
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