Hsbc Swiss Leaks

Denis Balibouse / Reuters

Here's What PM Modi Can And Cannot Do About Offshore Black Money

Since the HSBC Swiss leaks last year, there's been a growing scrutiny of the role of financial secrecy in aiding tax evasion, so it's no surprise that Prime Minister Modi's focus during his Switzerland visit included the subject of Indians with hidden Swiss bank accounts. Unfortunately, the issue of cross-border movement of black money is complex and governments around the world are limited in what they can do on their own to persuade jurisdictions like Switzerland to cooperate.