Nobel Laureate demands tough sanctions for bank secrecy

Nobel Laureate  demands tough sanctions for bank secrecy

COERCIVE SANCTIONS must be imposed if a sovereign country contaminates the global economic atmosphere because it is a sanctuary of bank secrecy, says, Nobel laureate Joseph Stiglitz ,

He was addressing the European Parliament’s commission of inquiry on Tuesday Nov. 16.

The commission seeks to pinpoint areas of money laundering and tax evasion, based on the revelations of the 11 million documents of the Panamana law firm Mossack Fonseca, released by the International Consortium of Investigative Journalists (ICIJ).

Stiglitz  was one of the two international experts who resigned from Panama’s own “independent” committee hastily set up by the Juan Carlos Varela administration in the wake of the Panama Papers revelations.

The resignations came because the international experts wanted a report released without government vetting.

In calling for sanctions Stiglitz had Panama firmly in his cross-hairs.