The United States has fallen behind other developed countries in curbing financial secrecy, surpassing Switzerland as the “international banking center of choice for corrupt transactions,” according to a new report from the University of Sussex.

The findings, based on data that spans four decades and more than 70 jurisdictions, provide “an unprecedented view of how the structure of different types of illicit global financial networks have evolved” in response to changing regulations, the report said.

The researchers identified several long-term trends, including the…