Financial Secrecy
/ˈfaɪnænʃəl ˈsiːkrəsi/
Definitions
- (n.) The practice of maintaining confidentiality or nondisclosure regarding financial affairs to protect privacy or avoid regulatory scrutiny.
The company relied on financial secrecy to safeguard its offshore accounts from public disclosure.
- (n.) A legal framework or regime that enables individuals or entities to conceal information about assets, income, or transactions, often complicating tax enforcement or anti-money laundering efforts.
Financial secrecy jurisdictions often attract criticism for facilitating tax evasion and money laundering.
Forms
- financial secrecy
Related terms
See also
Commentary
While financial secrecy protects privacy, it can conflict with transparency and regulatory compliance; drafting clarity is essential when defining its scope in law.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.