[Nextgrid]

I'd argue that the problem isn't secrecy laws but just general incompetence and unwillingness.

Sure, banking secrecy laws could be a problem for large-scale frauds totaling millions, but smaller-scale operations typically stay within the same country where the law most likely already allows this kind of tracing, but it's so unefficient that by the time it's tracked down the money is already gone for good.