Swiss Bank secrecy laws are creating havoc in the world. While a country like America is facing the problem of billions of dollars of tax evasion by American citizens through secret Swiss Bank accounts, for a developing country like India, illegal Capital flight and Slush money finds its way to the Swiss Accounts in billions. The damage is persistent to the Indian economy in the form of revenue loss, inflation and deficit management etc, consequently affecting the growth rate.

The world today cannot afford the Swiss Bank’s Secrecy laws on private wealth management as it is. Why not tweak it a bit if not repeal the law altogether. The Swiss can have their secrecy banking laws. But let it be applicable for the Swiss citizens alone.  If my countrymen use the Swiss accounts to stash illegal wealth, the Swiss authorities must be bound by the mandatory law to disclose the information when sought. The OECD, UN, IMF, WB, G20 , G8 bodies must put pressure on the Swiss authorities and change the law. It will help to stop the abuse of the Swiss secrecy Laws by corrupt regimes throughout the world.

Thus, secrecy for the Swiss citizens, yes! But secrecy for others, strictly no ! !