The Tax Justice Network has published the 2011 Financial Secrecy Index this morning. This is the new ranking:
Rank | Secrecy Jurisdiction | FSI - Value | Secrecy Score | Global Scale Weight |
1 | Switzerland | 1879.2 | 78 | 0.061 |
2 | Cayman Islands | 1646.7 | 77 | 0.046 |
3 | Luxembourg | 1621.2 | 68 | 0.131 |
4 | Hong Kong | 1370.7 | 73 | 0.042 |
5 | USA | 1160.1 | 58 | 0.208 |
6 | Singapore | 1118.0 | 71 | 0.031 |
7 | Jersey | 750.1 | 78 | 0.004 |
8 | Japan | 693.6 | 64 | 0.018 |
9 | Germany | 669.8 | 57 | 0.046 |
10 | Bahrain | 660.3 | 78 | 0.003 |
11 | British Virgin Islands | 617.9 | 81 | 0.002 |
12 | Bermuda | 539.9 | 85 | 0.001 |
13 | United Kingdom | 516.5 | 45 | 0.200 |
14 | Panama | 471.5 | 77 | 0.001 |
15 | Belgium | 467.2 | 59 | 0.012 |
16 | Marshall Islands | 457.0 | 90 | 0.000 |
17 | Austria | 453.5 | 66 | 0.004 |
18 | United Arab Emirates (Dubai) | 439.6 | 79 | 0.001 |
19 | Bahamas | 431.1 | 83 | 0.000 |
20 | Cyprus | 406.5 | 58 | 0.010 |
21 | Guernsey | 402.3 | 65 | 0.003 |
22 | Lebanon | 397.3 | 82 | 0.000 |
23 | Macao | 389.8 | 83 | 0.000 |
24 | Canada | 366.2 | 56 | 0.009 |
25 | India | 344.0 | 53 | 0.013 |
26 | Uruguay | 331.0 | 78 | 0.000 |
27 | Malaysia (Labuan) | 319.3 | 77 | 0.000 |
28 | Korea | 317.2 | 54 | 0.009 |
29 | Liberia | 316.9 | 81 | 0.000 |
30 | Barbados | 266.6 | 79 | 0.000 |
31 | Ireland | 264.2 | 44 | 0.030 |
32 | Mauritius | 261.6 | 74 | 0.000 |
33 | Philippines | 253.9 | 73 | 0.000 |
34 | Liechtenstein | 239.2 | 81 | 0.000 |
35 | Italy | 231.2 | 49 | 0.008 |
36 | Isle of Man | 230.4 | 65 | 0.001 |
37 | Israel | 230.3 | 58 | 0.002 |
38 | Turks & Caicos Islands | 218.9 | 90 | 0.000 |
39 | Netherlands | 199.7 | 49 | 0.005 |
40 | Belize | 198.4 | 90 | 0.000 |
41 | Costa Rica | 177.2 | 77 | 0.000 |
42 | Guatemala | 174.8 | 81 | 0.000 |
43 | Gibraltar | 174.6 | 78 | 0.000 |
44 | Ghana | 146.8 | 79 | 0.000 |
45 | Andorra | 133.6 | 73 | 0.000 |
46 | Netherlands Antilles | 129.4 | 83 | 0.000 |
47 | Aruba | 124.9 | 74 | 0.000 |
48 | Denmark | 121.7 | 40 | 0.008 |
49 | Botswana | 121.3 | 79 | 0.000 |
50 | Portugal (Madeira) | 119.4 | 51 | 0.001 |
51 | US Virgin Islands | 104.2 | 68 | 0.000 |
52 | St Vincent & Grenadines | 100.9 | 78 | 0.000 |
53 | Spain | 98.8 | 34 | 0.016 |
54 | Malta | 98.6 | 48 | 0.001 |
55 | Seychelles | 95.0 | 88 | 0.000 |
56 | Hungary | 94.8 | 47 | 0.001 |
57 | Latvia | 88.9 | 45 | 0.001 |
58 | Antigua & Barbuda | 88.5 | 82 | 0.000 |
59 | St Lucia | 78.7 | 89 | 0.000 |
60 | Maldives | 78.5 | 92 | 0.000 |
61 | Grenada | 57.6 | 83 | 0.000 |
62 | Montserrat | 50.1 | 86 | 0.000 |
63 | Brunei Darussalam | 45.8 | 84 | 0.000 |
64 | Monaco | 37.7 | 75 | 0.000 |
65 | Anguilla | 36.0 | 79 | 0.000 |
66 | St Kitts & Nevis | 31.2 | 81 | 0.000 |
67 | San Marino | 30.9 | 79 | 0.000 |
68 | Samoa | 27.5 | 85 | 0.000 |
69 | Vanuatu | 14.3 | 88 | 0.000 |
70 | Cook Islands | 13.4 | 75 | 0.000 |
71 | Dominica | 12.5 | 80 | 0.000 |
NA | Nauru | 0 | 93 | NA |
NA | France* | 0 | NA | 0.008 |
*Temporarily withdrawn pending legal interpretation
In 2009 I was heavily involved in the construction of this index. This time the work has fallen to others, and a bigger, more refined, more deeply researched index has been delivered this time. I take my hat off to all concerned together with their partners, including Christian Aid.
As TJN says this morning:
World leaders at a G20 summit meeting in April 2009 promised that“the era of banking secrecy is over” and put the OECD, a club of rich countries, in charge of implementing its wishes. Many people hoped this marked the start of a serious crackdown on tax havens, or secrecy jurisdictions.
But they have let us down. The rhetoric is trillions of dollars away from reality. The Financial Secrecy Index (FSI) reveals that financial secrecy is as entrenched as ever.
We're not going to get out of our current financial crisis unless this issue is tackled.
The corruption of secrecy jurisdictions is the corruption that is holding back the reform of finance that is driving the world towards increasing poverty.
A tipping point has been passed in that process. Only real reform can stop this change happening. And one such reform is sweeping away secrecy.
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Looks like you need to stop nagging Guernsey, IoM and Ireland and start on the Germans and Japanese!
Guernsey and IoM both got credit for increasing transparency
Jersey didn’t
Ireland remains abusive – but we just know more about it’s abuse – remember tax rates don’t feature in this index
What really irritates me,is the fact that near the top of that list is Luxembourg, a founder member of the EU,and the U.S.,in spite of it`s virulent attacks on other jurisdictions for dubious practices.
Incidentally,did you see the article “The man who sold the world” about Michael Lewis in the Sunday Times? Scary stuff,and his analysis of the Greek debacle is not really true surely? If so,I can see why the EU(read Germany) is so hesitant on an aid package.
Sorry – I didn’t see the article
All secrecy jurisdictions operate a smoke and mirrors policy supported with a huge PR organization. They make £billions by concealing the truth..
Never believe a word that comes out of these places until shown irrefutable proof that it is true. There is absolutely no reason to “stop nagging” either Guernsey or the Isle of Man – both remain a dangerous threat to the prosperity of the UK and indeed the world.
Never invest/deposit a penny in these monkey places.
You will be sorry you did.
On the contrary, I do and I am glad I have. They are certainly better than the Number One “Hell Hole” mentioned in another blog, the UK, which is rotten to the core and anyone who invests there is mad!
To put it in balance a little,or maybe remove the hysteria, on the relative problems of all the mentioned jurisdictions-I would submit that the biggest danger to the UK at the moment,is itself,or those who purport to run it.