Financial Secrecy List Issued With Switzerland And US

The Tax Justice Network (TJN), a British research group, released the Financial Secrecy Index - 2018 Results. Jurisdictions are ranked based on their secrecy and the scale of their offshore financial activities without interactions by political factors.

Ranking under the Index

This ranking could be a tool for understanding global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows or capital flight. The list includes 112 jurisdictions in total, with Switzerland, USA and Cayman Islands ranking the top three successively, followed by Hong Kong, Singapore and Luxembourg. Neither UK nor Netherlands ranks the top ten, being the 23rd, and the 12th respectively.

Expectation on UN to Solve Avoidance, Money Laundering and Corruption

Secrecy jurisdictions frequently referred to ad tax havens, which employs secrecy to attract illicit and illegitimate or abusive financial flows, are leaving the broad population to suffer from the debts. Alex Cobham, the chief executive of TJN, pointed out the reluctance of big financial centres to make changes, and the international organizations are supposed to shoulder the prompter role in tackling these issues. “If we are to end tax evasion, corruption, fraud and money laundering, the world’s major financial centres need to clean up their act. And since they are not willing to do that voluntarily, the UN should create a global convention to end financial secrecy once and for all,” he said.

Sources: Tax Justice Network, the Guardian

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