International Secrecy List Released

November 3, 2015 International Tax Cooperation

LONDON – Most developed countries around the world are taking steps to improve transparency,however, the USA and developing countries are not following through to implement rules aimed at decreasing secrecy.

On November 2nd the international group the Tax Justice Network issued the results of new research with a ranking of the most secretive jurisdictions in the world.

The results of the research showed that the most secretive jurisdiction are Switzerland, Hong Kong, USA, Singapore, Cayman, Luxembourg, Lebanon, Germany, Bahrain, and the UAE.

It was noted that most developed countries in the world have recently taken, and are continuing to take, positive steps towards increasing transparency, by implementing systems for the automatic exchange of information, requiring the disclosure of beneficial ownership, and calling for country-by-country reporting of financial data.

The least secretive countries on the list were Montserrat, Cook Islands, Finland, and Dominica.

It was noted that developing countries around the world have not made any strong efforts to improve transparency, and, further, the beneficiaries of the secrecy are often located in OECDE countries which have made steps towards increased transparency.

Further it was noted that the USA has also not made any credible steps towards improving transparency, and has even increased in ranking, now being the third most secretive jurisdiction, while last year it was ranked sixth.

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