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Bank Secrecy Remains ‘Entrenched’ Despite G-20 Rhetoric, Report Says
By Brian Monroe
printThe world's wealthiest countries, including Switzerland and the United States, play the biggest role in facilitating the corruption of crooked leaders and criminals, a tax reform advocacy group said. The London-based Tax Justice Network said in a report that Switzerland, Cayman Islands, Luxembourg, Hong Kong and the United States ranked top in a survey of the most secretive jurisdictions. The advocacy group scored how 73 jurisdictions contributed to global secrecy through regulations, data-sharing arrangements and financial services. The report, which found that wealthy nations account for 84 percent of the global market in offshore financial services, shows that "financial secrecy...
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