Financial Secrecy Index - 2015 Results

Click on a jurisdiction's name to see the main report; and on its FSI value to access full database content. Download: PDF | Excel
 
RANK Secrecy Jurisdiction FSI - Value4 Secrecy Score5 Global Scale Weight6
1 Flag Switzerland2 1,466.1 73 5.625
2 Flag Hong Kong2 1,259.4 72 3.842
3 Flag USA2 1,254.7 60 19.603
4 Flag Singapore2 1,147.1 69 4.280
5 Flag Cayman Islands1,2 1,013.1 65 4.857
6 Flag Luxembourg2 816.9 55 11.630
7 Flag Lebanon2 760.2 79 0.377
8 Flag Germany2 701.8 56 6.026
9 Flag Bahrain2 471.3 74 0.164
10 Flag United Arab Emirates (Dubai)2,3 440.7 77 0.085
11 Macao 420.1 70 0.188
12 Flag Japan2 418.3 58 1.062
13 Flag Panama2 415.6 72 0.132
14 Marshall Islands 405.5 79 0.053
15 Flag United Kingdom1,2 380.2 41 17.394
16 Flag Jersey2 354.0 65 0.216
17 Guernsey 339.3 64 0.231
18 Malaysia (Labuan)3 338.7 75 0.050
19 Turkey 320.9 64 0.182
20 China 312.1 54 0.743
21 Flag British Virgin Islands1,2 307.6 60 0.281
22 Barbados 298.3 78 0.024
23 Mauritius1 297.0 72 0.049
24 Flag Austria2 295.3 54 0.692
25 Bahamas1 273.0 79 0.017
26 Flag Brazil2 263.6 52 0.678
27 Malta 260.9 50 0.990
28 Flag Uruguay2 255.5 71 0.037
29 Flag Canada2 251.7 46 1.785
30 Russia 243.2 54 0.397
31 France 241.9 43 3.104
32 Isle of Man1 228.5 64 0.068
33 Flag Liberia2 218.2 83 0.006
34 Bermuda1 217.7 66 0.042
35 Cyprus 213.9 50 0.518
36 Liechtenstein 202.3 76 0.010
37 Flag Ireland2 187.4 40 2.313
38 Flag Belgium2 181.2 41 1.863
39 Flag Guatemala2 177.1 76 0.007
40 Flag Israel2 173.7 53 0.166
41 Flag Netherlands2 168.3 48 0.322
42 Chile 166.6 54 0.120
43 Saudi Arabia 163.8 61 0.037
44 Flag Australia2 148.0 43 0.586
45 India 148.0 39 1.487
46 Philippines 146.0 63 0.020
47 Vanuatu 142.8 87 0.001
48 Flag Ghana2 139.1 67 0.010
49 Korea 124.2 44 0.302
50 US Virgin Islands 118.2 69 0.004
51 Samoa 117.5 86 0.001
52 Mexico 117.0 45 0.211
53 Flag Norway2 110.6 38 0.731
54 New Zealand 109.3 46 0.129
55 Gibraltar1 109.3 67 0.005
56 Sweden 100.8 36 1.006
57 Flag Aruba2 99.5 68 0.003
58 Italy 98.6 35 1.218
59 Latvia 92.7 45 0.113
60 Belize 92.4 79 0.001
61 South Africa 90.8 42 0.203
62 Flag Botswana2 90.5 71 0.002
63 Anguilla1 89.3 69 0.002
64 St Vincent & the Grenadines1 79.6 78 0.000
65 Antigua & Barbuda1 79.5 81 0.000
66 Spain 77.4 33 1.090
67 Costa Rica 74.9 55 0.010
68 Turks & Caicos Islands1 72.4 71 0.001
69 St Kitts & Nevis1 68.4 78 0.000
70 Flag Curacao2 67.8 68 0.001
71 Iceland 67.1 46 0.035
72 Seychelles 60.8 71 0.000
73 Slovakia 60.1 50 0.011
74 Macedonia 59.5 66 0.001
75 Poland 57.2 36 0.172
76 Monaco 53.6 74 0.000
77 Estonia 52.9 44 0.023
78 Portugal (Madeira)3 52.5 39 0.063
79 St Lucia1 51.6 83 0.000
80 Brunei Darussalam1 47.4 83 0.000
81 Czech Republic 44.2 35 0.105
82 Grenada1 42.1 76 0.000
83 Denmark 38.2 31 0.219
84 Hungary 37.3 36 0.052
85 Greece 37.2 36 0.046
86 San Marino 33.2 70 0.000
87 Andorra 27.3 77 0.000
88 Slovenia 22.4 34 0.019
89 Dominica1 21.3 76 0.000
90 Finland 19.4 31 0.025
91 Cook Islands1 17.8 76 0.000
92 Montserrat1 10.8 67 0.000
NA Nauru7   79 -
NA Bolivia7   (72-80) 0.001
NA Dominican Republic7   (65-73) 0.007
NA Gambia7   (73-81) 0.000
NA Maldives7   (76-84) 0.000
NA Montenegro7   (60-68) 0.001
NA Paraguay7   (75-83) 0.001
NA Taiwan7   (67-75) 0.513
NA Tanzania7   (73-81) 0.006
NA Venezuela7   (64-72) 0.230
 
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: www.financialsecrecyindex.com/PDF/UnitedKingdom.pdf). Territories marked in light blue are 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: http://www.taxjustice.net/cms/upload/pdf/Privy_Council_and_Secrecy_Scores.pdf). If the Global Scale Weights of just the OTs and CDs were added together (5.70% of global total and 23.10% with the United Kingdom included), and then combined either with their average secrecy score of 65.90 (63.62 with the UK) or their lowest common denominator score of 71.27 (Turks and Caicos Islands), the United Kingdom with its satellite secrecy jurisdictions would be ranked first in the FSI by a large margin with a FSI score of 1580 or 2221, respectively (compared to 1466 for Switzerland). Even a weighted average, which emphasises the relative transparency of the UK over its secrecy network, would put the combined group in 9th place on the FSI. 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: FSI-Methodology
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: FSI-Methodology
Footnote 7: Although these nine jurisdictions have been assessed in the FSI 2015, they have not been given a rank. This is because none of their treaties has been reviewed by the Global Forum as of 31 May 2015, and therefore values for KFSIs 1 and 13 cannot be robustly established, and so a comparable secrecy score is not provided.