How to hide your wealth 101

There is nothing more damaging for public officials than to have their secret and hard-to-explain assets exposed to the public. You’d think that they would have learned by now. And yet…

In the past weeks, I have been following from afar the travails of Renato Corona, the chief justice of the Philippine Supreme Court. Corona is in the midst of an impeachment trial and was found to have deposited millions of dollars in undisclosed bank accounts. As chief justice he should have known: Bank secrecy is not inviolable. As regulators worldwide crack down on money laundering and compel banks to be more accountable for their depositors, full secrecy is no longer guaranteed.

So here’s some unsolicited advice to those in public office: Be careful where you put your money. Be discreet about acquiring assets. Don’t be sloppy when you hide your wealth. Otherwise you’ll prove true what I’ve suspected all along: only the uninitiated and indiscreet get caught. Read the rest of this entry »

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