Why the World Is So Bad at Tracking Dirty Money (Bloomberg Business)

From the article:

The leaked revelations about the tax-evading activities of the Swiss subsidiary of HSBC Bank rumble on. Britain’s Chancellor of the Exchequer has faced questions as to why, despite evidence of 1,100 tax-evading accounts being passed to the government in 2010, there has been only one prosecution—and why the chairman of HSBC was subsequently made a government minister.

The scandal is a reminder that the global institutions which try to prevent money laundering are not just ineffective—they're also incredibly expensive to maintain. It's time to cut them down to size.

Read the full article here.