Use banks to catch state crooks

Weekend Argus (Sunday Edition) - - OPINION -

THERE was a time when some coun­tries around the world, such as Switzer­land, had banks that al­lowed peo­ple to main­tain ac­counts with­out check­ing the cre­den­tials of the de­pos­i­tors.

This cre­ated a haven for crooks to trans­fer their ill-got­ten gains to th­ese banks.

When the four ma­jor banks closed the ac­counts of the con­tro­ver­sial Gupta-owned com­pany Oak­bay, it is quite ob­vi­ous this was due to shady trans­ac­tions.

It is time for banks to di­vulge their clients’ in­for­ma­tion of peo­ple im­pli­cated in shady deals to the rel­e­vant au­thor­i­ties.

Only such harsh ac­tions will en­sure banks op­er­ate on eth­i­cal morals and bring an end to cor­rup­tion.

Vi­jay Sew­ta­hal

Clare Es­tate

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