If the financial crisis has produced anything good, it has heightened awareness among voters and politicians of the ease with which money can be salted away, untaxed and unseen.
Since 2009, when UBS buckled under pressure from US prosecutors and agreed to pay $780m in fines and pass on information about tax-evading US citizens, the trend has been strongly in the direction of increased information-sharing with the tax authorities.
This week, however, the US has taken the fight to a new and fiercer level. In a widely trailed settlement, the Department of Justice has forced Credit Suisse to admit criminal culpability in a case similar to that of UBS and fined it $2.6bn, arguably for less severe or extensive offences.
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