The City of London is one of the world’s most secretive financial centres, outdoing even ‘usual suspects’ such as Bermuda and the British Virgin Islands.
This is just one of the amazing findings of the Financial Secrecy Index (FSI) Christian Aid has compiled with the Tax Justice Network.
Topped by the US state of Delaware, the table reveals the most reluctant and uncooperative financial centres in the world – highlighting once again the need for an overhaul of international financial rules which currently allow large corporations to strip poor countries of $160bn a year.
Top five most secretive tax havens
1. US (Delaware)
2. Luxembourg
3. Switzerland
4. Cayman Islands
5. UK (London)
Click here to see the full list
The FSI looks at how much secrecy each jurisdicition offers, and how reluctant they are to cooperate with other countries' tax authorities.
But it also takes into consideration how much cross-border activity financial centres play host to.
This explains London’s ‘high’ ranking. Despite top-scoring for transparency, the City’s importance in global finance means that the secrecy it does provide has the potential to do more damage than, for example, small island havens which are less transparent but play a smaller role in global offshore finance.
Financial Secrecy Index Website hosted by the Tax Justice Network
G20 – over to you
Thanks to your support, the Big Tax Return has already helped persuade the UK government to start taking on the tax dodgers. Now we need our message to go global.
Call on chancellor of the exchequer, Alistair Darling, to take a lead in championing the interests of poor countries by urging G20 leaders to take action against tax-dodging businesses.
Financial Secrecy Index - find out more
In depth World's most secretive tax havens
Financial Secrecy Index Website hosted by the Tax Justice Network
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