Anti-corruption glossary

Secrecy jurisdiction

Secrecy jurisdictions are territories, including cities, states/provinces and countries that encourage the relocation of otherwise foreign economic and financial transactions through strong privacy protection rules. These jurisdictions ensure that the identity of those relocating their money through them cannot be disclosed. This often undermines legislation and regulation of another jurisdiction. Many secrecy jurisdictions are also tax havens.

Why it matters

All jurisdictions should ensure high standards of transparency, accountability and integrity, and take part in multilateral information sharing and mutual legal assistance schemes. All jurisdictions should establish mandatory, public registers that disclose the beneficial ownership of trust funds and companies.

Additional Information: Secrecy jurisdiction

Image: Transparency International, Nick Hilditch