The Financial Secrecy Index lists various jurisdictions according to the scale of their offshore financial activities and the relative secrecy associated with those transactions. Touted as a politically neutral ranking system, the end-goal of the index is to shed light on tax havens around the world. Though incredibly difficult to find reliable figures, it is estimated that approximately $20 to $30 trillion dollars of private financial wealth is hidden in tax shelters around the world. The countries harboring a vast majority of these funds are not tiny, palm-fringed islands as might be expected, but some of the world’s wealthiest and largest nations.
See Financial Secrecy Index, Tax Justice Network, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
