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The briefing argues that the ADB's financial intermediary (FI) lending, specifically its $95 million equity investment in Clifford Capital, creates a transparency loophole that allows continued support for fossil gas projects. It highlights that while the ADB claims to 'ring-fence' its funds, Clifford Capital continues to finance oil and gas projects globally and in Asia. The document provides case studies of the Tangguh LNG project in Indonesia and the Bhola-2 gas power plant in Bangladesh to illustrate the environmental and social harms resulting from such investments, including mangrove destruction and forced land acquisition. It concludes that the ADB's reliance on outdated 2009 policies for these investments avoids the stricter requirements of the 2025 Environmental and Social Framework.

The report argues that the Opportunity Zone program, created by the 2017 Tax Cuts and Jobs Act, serves as a subsidy for private equity firms rather than a tool for community redevelopment. PESP identified $16.2 billion raised for Qualified Opportunity Funds (QOFs) by approximately 200 firms, with Bridge Investment Group Holdings, CIM Group, and Griffin Capital Company among the top beneficiaries. The document details how firms profit via capital gains tax deferrals and annual management fees, often ranging from 1.25% to 2%. Case studies in Los Angeles, Atlanta, and Arizona suggest the program encourages the development of luxury housing and the displacement of low-income residents through 'substantial improvement' requirements that necessitate evictions. The report also highlights political ties between major QOF investors and the Trump administration, and criticizes the lack of federal reporting requirements to track the program's actual impact on poverty.

The report details private equity's role in profiting from drug policy in the U.S., specifically through the ownership of methadone clinics, the provision of healthcare and labor services in prisons, and the financing of the cannabis market. It argues that these firms often lobby against public health reforms and exploit incarcerated populations for cheap labor.

The report alleges that the Asian Development Bank (ADB) provided a $600 million loan to Indonesia's state-run utility, Perusahaan Listrik Negara (PLN), which lacks a 'no-coal' clause and may be used to fund coal expansion, including the Java 9 & 10 project. This contradicts ADB's public climate pledges and its October 2021 Energy Policy. The report highlights the severe health and environmental impacts of coal in Banten Province, where the Suralaya Power Station operates, and criticizes the lack of financial transparency as loan proceeds are mixed into PLN's general account.

The report finds that despite robust anti-money laundering policies, there are few criminal investigations into the financial proceeds of migrant smuggling in Senegal and Sierra Leone. Smugglers rely heavily on cash and informal transfer systems like hawala to move funds, which are then laundered through real estate, used car imports, and hospitality businesses. Financial Intelligence Units (FIUs) in both countries are underfunded and lack the specialized capacity to 'follow the money,' while corruption and a lack of witness cooperation further hinder prosecutions.

The briefing reveals that the US Federal Reserve, Bank of England, and European Central Bank have invested in bonds from agribusinesses like Cargill, ADM, and Bunge, which are linked to deforestation and land-grabbing in regions such as the Brazilian Cerrado and Indonesia. The document argues that such investments subsidize environmentally destructive companies and send a negative signal to private investors. It highlights a gap between central banks' public climate commitments and their actual portfolios, noting that deforestation is often missing from their risk assessments and 'stress tests'. Global Witness recommends that central banks divest from deforestation-linked bonds, implement zero-deforestation policies, and increase prudential supervision of the private financial sector's exposure to these risks.

The report documents systemic corruption within the South African apartheid state from 1976 to 1994, arguing that the regime's secrecy and authoritarianism facilitated large-scale theft and fraud. It details the use of secret funds, sanctions-busting, and the role of the Broederbond in creating a network of patronage. Key cases include the 'Muldergate' information scandal, the illicit ivory trade by the SADF, and massive foreign exchange fraud. The document concludes that this legacy of corruption persisted beyond 1994 and recommends state-led investigations to recover stolen assets and achieve justice.