Failure of UN Convention?
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.