Financial secrecy

Financial secrecy refers to measures or policies that allow individuals, corporations, or governments to hide their financial activities, assets, or income from public view or regulatory oversight. This secrecy can be used for legitimate privacy reasons but is often exploited for tax evasion, money laundering, or hiding illicit gains. It involves confidential banking practices, offshore accounts, and legal structures designed to obscure the true ownership or source of funds. While protecting privacy, excessive secrecy can undermine financial transparency, making it easier for illegal activities to go unnoticed and reducing trust in the financial system.