While banks are easy targets to blame, the recent leaks of suspicious-activity reports—revealed by BuzzFeed News in September—instead confirmed that they are fulfilling their roles in the fight against international money laundering. Rather, it is the whole system that is on the verge of collapse and needs to be rethought.
When we think of tax fraud in banking, we often don’t consider its far-reaching consequences, including its impact on the human rights of the residents of the states in which it occurs and beyond. By diverting public funds away from where they are needed most, sophisticated tax-avoidance schemes facilitated by banks make the quality of life of affected people that much worse. What must banks do to meet their obligations to the general public?