But conventional wisdom is that hedge funds need the tight control and secrecy of partnerships in order to cope with the turbulence of their industry.

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"We believe that technology has the power to expose and dismantle global criminal networks, which depend on secrecy and discretion in order to function, " Google said in a blog post this week.

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Swiss bankers have already empowered Paul Volcker, a former chairman of America's Federal Reserve, to waive Swiss secrecy laws in banks in order to scrutinise old accounts.

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