Islamabad: The Pakistan Economy Watch (PEW) on Monday said developed world need to change privacy policies of their banking institutions for the sake of development in the Third World. Secretive banking services is a threat to the transparent banking and taxation systems; it encourages corrupt save their ill-gotten without any fear, it said, said Dr. Murtaza Mughal, President PEW.
There are many banking institutions that serve dictators, politicians, bureaucrats, criminals, and greedy businessmen. Provision of such services amounts to helping corrupt to keep masses of their respective countries backward.
Developed world frequently push others for accountability and transparency in the Third World but would allow corrupt leaders to hide significant part of their fortunes. He said that announcement by Swiss authorities to freeze accounts of Hosni Mubarak and company is not enough, they money should go back immediately to where it belongs.
Many economists take tax havens as a conspiracy of the western world against the poor countries, said Dr. Mughal.-
Pakistan Economy Watch