London (February 06, 2018): The latest research by advocacy group Tax Justice Network reveals that Switzerland is the world’s most corrupt country, with a high secrecy score of 76.
“Switzerland is the grandfather of the world’s tax havens, one of the world’s largest offshore financial centres, and one of the world’s biggest secrecy jurisdictions or tax havens,” said the group’s report ‘Financial Secrecy Index — 2018 Results’.
According to the report, the United States’ secrecy score (60) is rising and they are on the 2nd number, which results in attracting corrupt wealth. In 2013, the US was in the sixth place, and in 2015 it took the third in the rating.
— Tax Justice Network (@TaxJusticeNet) February 2, 2018
“The continued rise of the US in the 2018 index comes off the back of a significant change in the US share of the global market for offshore financial services. Between 2015 and 2018 the US increased its market share in offshore financial services by 14 percent,” said the report. In total, the US accounts for 22.3 percent of the global market in offshore financial services.
Cayman Islands, Hong Kong, Singapore, Luxembourg, Germany, Taiwan, the United Arab Emirates, and Guernsey closed out the top-10 most corrupt countries.
The least corrupt nations among the 112 covered in the rating were San Marino, St. Lucia, St. Vincent and the Grenadines, and Montserrat.
The countries with the lowest secrecy score were UK (42) and Slovenia (42), Belgium (44), Sweden (45), Lithuania (47), Italy (49) and Brazil (49).
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