Financial Secrecy Index - 2013 Results

Click on a country's name to see its main report; click on its FSI value to access its full database. Download: PDF | Excel
 
RANK Secrecy Jurisdiction FSI - Value4 Secrecy Score5 Global Scale Weight6
1Switzerland21,765.2784.916
2Luxembourg21,454.46712.049
3Hong Kong21,283.4724.206
4Flag  Cayman Islands1,21,233.5704.694
5Singapore21,216.8704.280
6USA21,212.95822.586
7Lebanon2747.8790.354
8Germany2738.3594.326
9Flag  Jersey1,2591.7750.263
10Japan2513.1611.185
11Panama489.6730.190
12Malaysia (Labuan)3471.6800.082
13Bahrain2461.1720.182
14Flag  Bermuda1432.3800.061
15Flag  Guernsey1419.3670.257
16United Arab Emirates (Dubai)2,3419.0790.061
17Canada2418.5542.008
18Austria2400.8640.371
19Mauritius1397.8800.047
20Flag  British Virgin Islands1,2385.4660.241
21Flag  United Kingdom1,2361.34018.530
22Macao360.4710.108
23Marshall Islands329.6820.022
24Korea328.7540.978
25Russia325.2600.318
26Barbados317.4810.021
27Liberia2300.8830.014
28Seychelles293.4850.011
29Brazil2283.9520.768
30Uruguay2277.4720.040
31Saudi Arabia274.2750.028
32India254.5461.800
33Liechtenstein240.9790.011
34Flag  Isle of Man1237.2670.049
35Bahamas1226.8800.009
36South Africa209.7530.260
37Philippines206.6670.033
38Israel2205.9570.132
39Netherlands2204.9500.430
40Belgium2199.2451.031
41Cyprus198.9520.264
42Dominican Republic193.7730.012
43France190.9412.141
44Australia2168.1470.394
45Vanuatu164.9870.002
46Costa Rica157.6710.008
47Ireland2155.5372.646
48New Zealand151.4520.126
49Flag  Gibraltar1147.8790.003
50Norway2142.7420.667
51Guatemala2142.4770.003
52Belize129.8800.002
53Latvia128.1510.090
54Italy118.9390.748
55Aruba2113.3710.003
56Spain111.3361.504
57Ghana2109.9660.005
58Curacao2106.4770.001
59US Virgin Islands102.8690.003
60Botswana298.9730.002
61Flag  Anguilla196.7760.001
62St Vincent & the Grenadines185.1780.001
63Flag  Turks & Caicos Islands181.8780.000
64Malta78.0440.079
65St Lucia166.8840.000
66Denmark63.1330.605
67Antigua & Barbuda160.4800.000
68San Marino59.5800.000
69Portugal (Madeira)357.9390.092
70Grenada155.7780.000
71Sweden55.7320.440
72Hungary54.6400.056
73Brunei Darussalam150.6840.000
74Andorra43.3760.000
75Monaco38.8750.000
76Samoa31.0880.000
77Dominica126.9790.000
78Cook Islands125.2770.000
79Maldives21.0790.000
80St Kitts & Nevis118.4800.000
81Nauru0.0790.000
82Flag  Montserrat10.0740.000
 
Footnote 1: The territories marked in Dark Blue are "overseas territories" (OTs) and "crown dependencies" (CDs) where the Queen is head of state; powers to appoint key government officials rests with the British Crown; laws must be approved in London; and the UK government holds various other powers (see here for more details). Those marked in light blue are those British commonwealth territories which are not OTs or CDs but whose final court of appeal is the Judicial Committee of the Privy Council in London (see here for more details). If the Global Scale Weights of just the OTs and CDs were added together (24% of global total), and then combined either with their average secrecy score of 70 or their lowest common denominator score of 80 (Bermuda), the United Kingdom with its satellite secrecy jurisdictions would be ranked first in the FSI by a large margin with a FSI score of 2162 or 3170, respectively (compared to 1765 for Switzerland). Note that this list excludes many British Commonwealth Realms where the Queen remains their head of state.
Footnote 2: For these jurisdictions, we provide special narrative reports exploring the history and politics of their offshore sectors. You can read and download these reports by clicking on the country name.
Footnote 3: For these jurisdictions, we took the secrecy score for the sub-national jurisdiction alone, but the Global Scale Weight (GSW) for the entire country. This is not ideal: we would prefer to use GSW data for sub-national jurisdictions - but this data is simply not available. As a result, these jurisdictions might be ranked higher in the index than is warranted.
Footnote 4: The FSI is calculated by multiplying the cube of the Secrecy Score with the cube root of the Global Scale Weight. The final result is divided through by one hundred for presentational clarity.
Footnote 5: The Secrecy Scores are calculated based on 15 indicators. For full explanation of the methodology and data sources, please read our FSI-methodology document, here.
Footnote 6: The Global Scale Weight represent a jurisdiction's share in global financial services exports. For full explanation of the methodology and data sources, please read our FSI-methodology document, here.