This week the Tax Justice Network published its biannual Financial Secrecy Index, which relates tax-related secrecy to market significance by country. In other words, this ranking shows which countries hinder the total transparency of private (tax) data the most.

The top ten are:

  1. Switzerland
  2. USA
  3. Cayman Islands
  4. Hong Kong
  5. Singapur
  6. Luxembourg
  7. Germany
  8. Taiwan
  9. United Arab Emirates
  10. Guernsey

Cyprus is ranked number 24, between UK and France. TJN says about their reseach:

“In identifying the most important providers of international financial secrecy, the Financial Secrecy Index reveals that traditional stereotypes of tax havens are misconceived. The world’s most important providers of financial secrecy harbouring looted assets are mostly not small, palm-fringed islands as many suppose, but some of the world’s biggest and wealthiest countries. Rich OECD member countries and their satellites are the main recipients of or conduits for these illicit flows.”