Elites' Secrecy Tactics in Offshore Finance
A recent study based on data from the International Consortium of Investigative Journalists' Offshore Leaks Database found that elites worldwide use specific secrecy tactics to obscure and shield their wealth.
According to the research paper, "Secrecy strategies: Global patterns in elites' quest for confidentiality in offshore finance," ultrawealthy individuals in countries with high financial transparency and oversight are just as likely to use offshore secrecy as those in corrupt regimes.
- Elites in democratic and authoritarian countries are well-versed in financial secrecy tactics.
- Those from countries with high institutional corruption diversify assets across multiple offshore financial centers.
ICIJ spoke to author Herbert Chang about the study, which found that elites around the world rely on specific secrecy tactics to obscure and shield their wealth.
Author's summary: Elites worldwide use secrecy tactics to shield their wealth.
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