Fail­ure of UN Con­ven­tion?

The Economic Times - - The Edit Page -

The Panama Pa­pers go to es­tab­lish how the rich­est of the rich and the most pow­er­ful of the pow­er­ful stash away their ill-got­ten gains in off­shore havens. The UN con­ven­tion against cor­rup­tion has not proved to be the best in­stru­ment for check­ing money laun­der­ing as the per­sons in­volved are so pow­er­ful, well-con­nected and re­source­ful that they eas­ily cir­cum­vent the law and ma­nip­u­late loop­holes to their ad­van­tage. While jour­nal­ists pieced to­gether minute de­tails, gov­ern­ments’ in­ves­tiga­tive agen­cies made no worth­while ef­fort to pen­e­trate the lay­ers of se­crecy. More of­ten than not, politi­cians dou­ble up as the money laun­der­ers. The mul­ti­a­gency group set up by the In­dian gov­ern­ment to probe Panama Pa­pers should come out with some­thing tan­gi­ble.

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