Anti-money-laundering
The leaked revelations about the tax-evading activities of the Swiss
subsidiary of HSBC Bank rumble on. Britain’s Chancellor of the Exchequer has
faced questions as to why, despite evidence of 1,100 tax-evading accounts being
passed to the government in 2010, there has been only one prosecution—and why
the chairman of HSBC was subsequently made a government minister.
The scandal is a reminder that the
global institutions which try to prevent money laundering are not just
ineffective—they're also incredibly expensive to maintain. It's time to cut
them down to size.
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