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the presence of tax havens, whether specialising in corporate or maritime services, consistently undermines national and international rule-of-law. This was the case with the capitalist apartheid regime in South Africa, who circumvented oil sanctions through the 'socialist' government of Seychelles. The Iranian revolution evidenced the fall of the US-backed Shah, depriving the apartheid regime of secure oil supplies.

By pyramiding holding companies in jurisdictions characterised by secrecy, the corporate beneficiaries of the apartheid regime were able to access resources and labour on the cheap, while easily navigating global sanctions.

Not much has changed when it comes to the use of secrecy jurisdictions as a means of looting African minerals. Until recently, Sierra Leone’s diamond industry was dominated by two firms: SLDC and Koidu Holdings. The latter was wholly owned by two entities based in tax havens, both of which are directly connected to the UK: Guernsey and the British Virgin Islands (BVI) through BSG Resources, recently implicated as a potential funder for Zimbabwe's Marange fields (via Canadile).

Pick a dictator, almost any dictator - Cuba's Fulgencio Batista, the Philippines' Ferdinand Marcos, Haiti's Papa and Baby Doc Duvalier, the Shah of Iran, Central African Republic Emperor Jean-BÉdel Bokassa - and they all have this in common: they allegedly stashed their loot in secret, numbered accounts in Swiss banks, safely guarded by the so-called Gnomes of Zurich. This association - of bank secrecy and crime - has been fed into the public's imagination by dozens of books and movies. It's a reputation that rankles the Swiss, who have a more benevolent view of their commitment to privacy - one that happens to extend to tax privacy. Don't ask, because we won't tell. But the dramatic federal investigation of Switzerland's UBS has blown the lid off bank secrecy - and revealed how Swiss banks abet tax evasion on a far more widespread, if more banal, level. Over the past two decades, these secret banking services have been peddled progressively downmarket - first to the lesser-known fabulously wealthy, then to just the wealthy; more recently, private bankers have been tripping over themselves soliciting business from doctors, lawyers and other folks who are what the biz generally calls "high net worth" individuals. "The IRS has been concerned for decades that a combination of a global economy, the Internet, offshore banking, was really going to take offshore tax evasion from the old so-called 'gentlemen's sport' to tax evasion for the masses," says Mark Matthews, a former deputy IRS commissioner and now a tax attorney with Morgan, Lewis & Bockius LLP.