A new study from advocacy group Tax Justice Network reveals that Switzerland is the world’s most-corrupt country, with a high secrecy score of 76, followed by the USA and the Cayman Islands.
The Swiss will exchange information with rich countries if they have to, but will continue offering citizens of poorer countries the opportunity to evade their taxpaying responsibilities.
“Switzerland is the grandfather of the world’s tax havens, one of the world’s largest offshore financial centers, and one of the world’s biggest secrecy jurisdictions or tax havens.”
The index ranks countries for the assistance their legal systems provide to money-launderers, and to all people who seek to protect corruptly-obtained wealth. The higher the secrecy score, the more corrupt the government is.
According to the report, the USA secrecy score (60) is rising, which results in attracting corrupted wealth. In 2013, the USA was in the sixth place, and in 2015 it took the third in the rankings.
Between 2015 and 2018 the USA increased its market share in offshore financial services by 14%. In total the USA accounts for 22.3% 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.
RT.com / ABC Flash Point Money News 2018.