Financial secrecy refers to the practice of keeping financial information hidden from authorities and the public. This can involve individuals or companies using complex structures, such as offshore accounts or shell companies, to obscure their true financial activities. The goal is often to avoid taxes, evade regulations, or conceal illicit activities. Countries known for their strict banking secrecy laws, like Switzerland and the Cayman Islands, attract those seeking to protect their wealth from scrutiny. While some argue that financial secrecy promotes privacy and security, it can also facilitate money laundering and tax evasion, raising concerns among governments and international organizations.