At least this is the result of the 2020 report of The Tax Justice Network.
The Tax Justice Network is an independent international network launched in 2003. Our core mission is to ‘change the weather on a wide range of issues related to tax, tax havens, and financial globalization.
Here’s what the report says:
‘Financial Secrecy Index 2020 reports progress on global transparency – but backsliding from US, Cayman and UK prompt call for sanctions. The US overtakes Switzerland in the global ranking of financial secrecy hotbeds, Cayman leaps over both to the top of the index
‘The US has overtaken Switzerland in a global ranking of countries most complicit in helping individuals to hide their finances from the rule of law – but Cayman has leapfrogged both to rank as the worst offender. The Tax Justice Network’s Financial Secrecy Index 2020, published today, has revealed that financial secrecy around the world is decreasing as a result of recent transparency reforms. On average, countries on the index reduced their contribution to global financial secrecy by 7 percent.
‘But a handful of jurisdictions accounting for a large share of global financial services have bucked the trend, most notably the US, Cayman, and the UK. With Switzerland finally improving enough to move off the top of the index, an Anglo-American axis of secrecy now constitutes by far the greatest global threat of corruption and tax abuse. The Tax Justice Network is calling on policymakers to prioritize sanctions against these backsliders.
‘The sixth edition of the biennial Financial Secrecy Index sees Switzerland reduce its ranking to the third biggest enabler of financial secrecy in the world, marking the first time the country did not rank worst on the index since 2011. Despite escalating its contribution to global financial secrecy since the publication of the 2018 edition of the index, the US remained the second biggest enabler of financial secrecy in the world after Cayman overtook both the US and Switzerland to the top of the 2020 index. This marks the first time Cayman ranked first on the Financial Secrecy Index.
‘The top 10 biggest enablers of financial secrecy in the world currently are Cayman Islands; United States; Switzerland; Hong Kong; Singapore; Luxembourg; Japan; Netherlands; British Virgin Islands; United Arab Emirates.