Financial Secrecy Index - 2018 Results

Click on a jurisdiction's name to see the main report; and on its FSI value to access full database content. If you want to sort the table by a different column just click on the header by which you want to sort. Download: PDF | Excel
 
Rank Jurisdiction FSI - Value6 FSI Share7 Secrecy Score4 Global Scale Weight5
1  PDF Switzerland2 1,589.57 5.01% 76 4.50%
2  PDF USA2 1,298.47 4.09% 60 22.30%
3  PDF Cayman Islands2 1,267.68 3.99% 72 3.78%
4  PDF Hong Kong2 1,243.67 3.92% 71 4.16%
5  PDF Singapore2 1,081.98 3.41% 67 4.57%
6  PDF Luxembourg2 975.91 3.07% 58 12.13%
7  PDF Germany2 768.95 2.42% 59 5.16%
8  PDF Taiwan2 743.37 2.34% 76 0.50%
9  PDF United Arab Emirates (Dubai)2,3 661.14 2.08% 84 0.14%
10  PDF Guernsey2 658.91 2.07% 72 0.52%
11  PDF Lebanon2 644.41 2.03% 72 0.51%
12  PDF Panama2 625.84 1.97% 77 0.26%
13 Japan 623.91 1.96% 60 2.23%
14  PDF Netherlands2 598.80 1.88% 66 0.90%
15 Thailand 550.59 1.73% 80 0.12%
16  PDF British Virgin Islands2 502.75 1.58% 69 0.37%
17  PDF Bahrain2 490.70 1.54% 78 0.11%
18  PDF Jersey2 438.21 1.38% 65 0.38%
19 Bahamas 429.00 1.35% 84 0.03%
20 Malta 426.31 1.34% 61 0.71%
21  PDF Canada2 425.84 1.34% 55 1.74%
22 Macao 424.91 1.34% 68 0.23%
23  PDF United Kingdom2 423.76 1.33% 42 17.36%
24  PDF Cyprus2 404.44 1.27% 61 0.54%
25 France 404.17 1.27% 52 2.52%
26  PDF Ireland2 387.94 1.22% 51 2.66%
27  PDF Kenya2 378.34 1.19% 80 0.04%
28 China 372.57 1.17% 60 0.50%
29 Russia 361.15 1.13% 64 0.26%
30  PDF Turkey2 353.88 1.11% 68 0.14%
31 Malaysia (Labuan)3 335.10 1.05% 72 0.07%
32  PDF India2 316.62 0.99% 52 1.16%
33 South Korea 314.05 0.99% 59 0.35%
34  PDF Israel2 313.55 0.98% 63 0.19%
35  PDF Austria2 310.41 0.97% 56 0.56%
36 Bermuda 281.82 0.88% 73 0.03%
37 Saudi Arabia 278.57 0.87% 70 0.05%
38  PDF Liberia2 277.28 0.87% 80 0.01%
39 Marshall Islands 275.28 0.86% 73 0.03%
40 Philippines 269.81 0.85% 65 0.09%
41  PDF Italy2 254.14 0.80% 49 0.92%
42 Isle of Man 248.68 0.78% 64 0.09%
43 Ukraine 246.24 0.77% 69 0.04%
44  PDF Australia2 244.35 0.77% 51 0.60%
45  PDF Norway2 242.84 0.76% 52 0.55%
46 Liechtenstein 240.85 0.76% 78 0.01%
47  PDF Romania2 232.30 0.73% 66 0.05%
48 Barbados 230.95 0.72% 74 0.01%
49  PDF Mauritius2 223.47 0.70% 72 0.02%
50  PDF South Africa2 216.43 0.68% 56 0.18%
51 Poland 215.39 0.67% 57 0.14%
52 Spain 213.88 0.67% 48 0.76%
53  PDF Belgium2 212.96 0.67% 44 1.56%
54 Sweden 203.54 0.64% 45 1.01%
55 Latvia 195.64 0.61% 57 0.11%
56 Anguilla 195.03 0.61% 78 0.00%
57 Indonesia 188.78 0.59% 61 0.05%
58  PDF New Zealand2 178.56 0.56% 56 0.10%
59 Costa Rica 168.77 0.53% 69 0.01%
60 Chile 168.64 0.53% 62 0.03%
61  PDF Denmark2 166.11 0.52% 52 0.15%
62 Paraguay 158.52 0.50% 84 0.00%
63 St. Kitts and Nevis 152.54 0.48% 77 0.00%
64 Portugal (Madeira)3 151.62 0.47% 55 0.08%
65 Puerto Rico 151.06 0.47% 77 0.00%
66  PDF Vanuatu2 149.26 0.47% 89 0.00%
67 Uruguay 148.20 0.46% 61 0.02%
68  PDF Aruba2 148.04 0.46% 76 0.00%
69 Dominican Republic 147.08 0.46% 72 0.00%
70 Czech Republic 145.10 0.45% 53 0.09%
71 Finland 142.23 0.44% 53 0.09%
72 Iceland 139.69 0.44% 60 0.02%
73  PDF Brazil2 137.99 0.43% 49 0.16%
74 Hungary 132.73 0.41% 55 0.05%
75  PDF Tanzania2 128.91 0.40% 73 0.00%
76 Slovakia 127.88 0.40% 55 0.04%
77 Seychelles 125.26 0.39% 75 0.00%
78  PDF Guatemala2 123.62 0.39% 73 0.00%
79 Croatia 119.36 0.37% 59 0.01%
80 Greece 118.58 0.37% 58 0.02%
81 Samoa 115.90 0.36% 78 0.00%
82 Mexico 107.57 0.33% 54 0.03%
83 Gibraltar 107.44 0.33% 71 0.00%
84  PDF Curacao2 105.65 0.33% 75 0.00%
85 Venezuela 105.03 0.33% 69 0.00%
86 US Virgin Islands 101.89 0.32% 73 0.00%
87 Turks and Caicos Islands 98.07 0.30% 77 0.00%
88 Bolivia 94.82 0.29% 80 0.00%
89 Bulgaria 91.38 0.28% 54 0.01%
90  PDF Belize2 86.30 0.27% 75 0.00%
91 Brunei 85.59 0.27% 84 0.00%
92 Monaco 82.93 0.26% 78 0.00%
93 Estonia 79.46 0.25% 51 0.02%
94 Maldives 74.87 0.23% 81 0.00%
95  PDF Ghana2 68.85 0.21% 62 0.00%
96 Dominica 62.02 0.19% 77 0.00%
97 Lithuania 58.74 0.18% 47 0.01%
98 Antigua and Barbuda 54.53 0.17% 87 0.00%
99 Montenegro 52.64 0.16% 63 0.00%
100 Cook Islands 44.97 0.14% 75 0.00%
101 Grenada 44.60 0.14% 77 0.00%
102 Macedonia 39.76 0.12% 61 0.00%
103  PDF Botswana2 39.44 0.12% 69 0.00%
104 Slovenia 35.32 0.11% 42 0.01%
105 Andorra 35.05 0.11% 66 0.00%
106  PDF Gambia2 34.51 0.10% 77 0.00%
107 Trinidad and Tobago 27.86 0.08% 65 0.00%
108 Nauru 26.32 0.08% 67 0.00%
109 San Marino 24.31 0.07% 64 0.00%
110 St. Lucia 21.52 0.06% 78 0.00%
111 St. Vincent and the Grenadines 21.37 0.06% 70 0.00%
112 Montserrat 16.53 0.05% 78 0.00%

 

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 rest 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). To compute an FSI for the entire group of OTs and CDs (or also including the UK), we first need to calculate the group's joint Secrecy Score and joint Global Scale Weight. Calculating the joint Global Scale Weight is straightforward - we just sum up each jurisdiction's individual Global Scale Weight to arrive at 22.57% (or 5.2% excluding the UK). To combine the Secrecy Scores, we see at least four relevant options. Three of the four options result in the UK and its satellite network of secrecy jurisdictions to top the FSI by a large margin (read more on page 161, in: http://www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf). Note that our list excludes many British Commonwealth realms where the Queen remains 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 Secrecy Scores are calculated based on 20 indicators. For full explanation of the methodology and data sources, please read our FSI-methodology document, here: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
Footnote 5: 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: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
Footnote 6: The FSI Value 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 7: The FSI Share is calculated by summing up all FSI Values, and then dividing each countries FSI Value by the total sum, expressed in percentages.