Joseph Stiglitz on bank secrecy

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Prof Joseph Stiglitz is a Nobel Laureate, former Chief Economist of World Bank, former head of the Council of Economic Advisors to President Clinton and is now working in partnership with the Tax Justice Network in the USA.

The video here includes his views on banking secrecy. He could be accused of being simplistic. He says the end of banking secrecy would be easy to achieve. If the G7 agreed that they would ban their banks from dealing with banks in locations where banking secrecy was enforced to facilitate tax evasion those locations would have to abandon banking secrecy in days.

That's not simplistic. Just passing the law would be enough to end banking secrecy for good. It would never need to be used. All that's lacking is the political will to tackle this crime.

Why do politicians find it so hard to tackle crime committed by the well off?