From: Vaidyanathan R
http://www.dnaindia.com/opinion/comment_time-to-shake-down-the-swiss-banks_1497976
Time to shake down the Swiss banks
DNA / R Vaidyanathan / Sunday, January 23, 2011 2:59 IST
Financial experts used to exhort other countries to follow the example of these innovative financial centres and emulate them in offering imaginative products as well as privacy. But these are now the tax havens where the ill-gotten wealth of tax evaders of many countries is hoarded. A decade earlier, they were the cynosure of the financial world, but the recession in the West has changed the situation beyond imagination. From being innovative financial centres, they have become secretive hubs and every leader in the West is after them. These tax havens are now in the news because developed economies like the USA, Germany, and France feel the need to recover some of the ill-gotten wealth that their citizens have stashed away there. The US government and its congress are concerned about these tax havens due to pressure from sections of economists to "clean up" the global financial system. There are also concerns regarding the financing of terror groups with some of the tainted money from tax havens.
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