Financial Transparency Coalition

Switzerland's legendary banking secrecy is feeling the pressure. A series of tax treaties will make Swiss deposits more vulnerable to scrutiny from law enforcement. The treaties, specifically the German-Swiss one currently being negotiated, are far from perfect, but from the perspective of someone with a deposit in UBS or Credit Suisse, their cover is blown. You may think that this is something that will directly lead to historic prosecutions for epic-scale tax evasion, but that is unlikely. Instead, as Reuters reports, a significant portion of the $2 trillion deposited in Swiss banks are simply going to be withdrawn:

Every time I ride my bike by a corn field inOregon—full and glowing—I feel a little bit thankful. I am thankful for our mild summer heat, this year and others. Thankful forOregon’s efforts to create a more sustainable food system. And particularly thankful that I live in country where record high temperatures don’t affect my ability to feed myself. It’s not true everywhere. Record heat across the U.S. Midwest has battered corn crops, making it likely this year’s harvest will be one of the lowest in years—and sent prices soaring. As a result, consumers in the United States will have...

Frank Vogl, one of the founders of Transparency International, wrote an op-ed in the Financial Times today. He is optimistic that the rise of information technology will lead to more assertive judicial systems and more accountable government.

The 2012 annual conference of the Task Force on Financial Integrity and Economic Development will take place at the Ramada Plaza Tunis in Gammarth, Tunisia, from October 17-18.