Financial secrecy is bad because it enables trillions in wealth and assets to operate beyond the rule of law. Financial secrecy keeps tax abuse feasible, drug cartels bankable and human trafficking profitable. It allows the wealthy to accumulate wealth at the expense of law abiding tax payers, in turn allowing enabling wealthy individuals and multinational corporations to gain unwarranted influence over policies and policymakers.
An estimated US$21 to $32 trillion of private financial wealth is located, untaxed or lightly taxed, in secrecy jurisdictions around the world.
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