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| Edited By: |Source: PTI |Updated: Mar 17, 2018, 02:02 AM IST
While the government promises to bring back the black money stashed in vaults in safe havens abroad, it is yet to ratify the UN Convention against Corruption signed by it four years back which clearly states that bank secrecy laws cannot come in the way of probe.
Interestingly, Switzerland, which is known for its secretive banking system and where large amount of black money belonging to Indian businessmen and others is alleged to be stashed, has ratified it in September this year.
"When the Convention comes into force, there is a moral obligation of countries to comply with it," Cristina Albertin, Regional Representative (South Asia) United Nations office on Drugs and Crime said.
"It is mentioned in the convention that bank's secrecy cannot be used as a reason or an excuse to escape investigations," Albertin told PTI in an interview.
She said that the Swiss banks, which were considered "holy cows" by people depositing their money, have now understood the issue after seeing the amount of "dirty money" being deposited and want a clean image.
Though India had signed the Convention on International Anti-Corruption Day, December 9, 2005, it is still to ratify it even though neighbours like Sri Lanka, Pakistan and Bangladesh have done so.
