And of course the external pressure to loosen banking secrecy laws has been huge, particularly from the US e.g. https://en.wikipedia.org/wiki/UBS_tax_evasion_controversies
Wanna refuse? No problem. Of course you can. You're outside the US jurisdiction.
But every USD transaction you do is subject to, IIRC, 30% tax. Unless the US decides to block it altogether.
UBS tried to hold for as long as they could, and the choice the US given them is "pay a fine (accrues daily) or be cut from world financial system run by dollar".
UBS ultimately paid a 780 million fine. The rest of Swiss banks followed suit immediately.
Many things in the world happen, and most of the dumb bullshit that happens is imposed by US. This naiivete has to stop, the times have changed, and you, you spefically are part of the problem.
That's a nice re-write of history.
What actually happened is that the US said: cut the crap and leave the opaque banking to us, else...
Nice attempt at whitewashing and gaslighting, but the only entity here that decided that is the fucking US of A.
The respectable, politically popular country setting this up would simply say yes to the International Criminal Court, but no to Putin.
This doesn't work well as a blacklist of "everyone's allowed unless they turn out to be sanctioned", because some shell company or reseller could register and actually be a front for Russia or whatever other bogeyman. But just serving enormous respectable organisations is a big niche in itself.
Notice also that you're only handling the entities large enough to do things in-house to begin with. Meanwhile one of the biggest problems here is industrial espionage, which is to say startups with interesting new technology.