The Financial Secrecy Index ranks jurisdictions according to their secrecy and the scale of their activities. A politically neutral ranking, it is a tool for understanding global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows. The score is a combination of the country's secrecy score and a scale weighting based on its share of the global market for offshore financial services (hence Switzerland's high score).
Financial Secrecy - International Rankings, 2013 - See notes below the table.
The scores for the financial secrecy index were calculated on the basis of a number of variables:
1) Banking secrecy: Does the jurisdiction have banking secrecy?
2) Trust and Foundations Register: Is there a public register of Trusts or Foundations, or are trusts and foundations prevented? This applies both to local trusts and foundations, as well as to local management of foreign trusts.
3) Recorded Company Ownership: Does the relevant authority obtain and keep updated details of the beneficial ownership of companies?
4) Public Company Ownership: Does the relevant authority make details of ownership of companies available on public record online for less than US$/€10?
5) Public Company Accounts: Does the relevant authority require that company accounts are made available for inspection by anyone for a fee of less than US$/€10?
6) Country-by-Country Reporting: Are all companies required to comply with country-by-country financial reporting?
7) Fit for Information Exchange: Are resident paying agents required to report to the domestic tax administration information on payments to non-residents?
8) Efficiency of Tax Administration: Does the tax administration use taxpayer identifiers for analysing information effectively, and is there a large taxpayer unit?
9) Avoids Promoting Tax Evasion: Does the jurisdiction grant unilateral tax credits for foreign tax payments?
10) Harmful Legal Vehicles: Does the jurisdiction allow cell companies and trusts with flee clauses?
11) Anti-Money Laundering: Does the jurisdiction comply with the FATF recommendations?
12) Automatic Information Exchange: Does the jurisdiction participate fully in Automatic Information Exchange such as the European Savings Tax Directive?
13) Bilateral Treaties: Does the jurisdiction have at least 46 bilateral treaties providing for information exchange upon request, or is it part of the European Council/OECD convention?
14) International Transparency Commitments: Has the jurisdiction ratified the five most relevant international treaties relating to financial transparency?
15) International Judicial Cooperation: Does the jurisdiction cooperate with other states on money laundering and other criminal issues?
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This page was last modified 3-JUL-14
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