RANK
1
2
Jurisdiction
2
Switzerland
2
Hong Kong
2
FSI 2015 - FINAL RESULTS
4
5
FSI Value
Secrecy Score
Global Scale Weight
6
1.466,1
73
1.259,4
72
5,625
3,842
1.254,8
1.147,1
60
69
19,603
4,280
3
4
USA
5
Cayman Islands1,2
1.013,2
65
4,857
6
Luxembourg2
Lebanon2
817,0
55
11,630
760,2
79
0,377
8
9
Germany2
Bahrain2
701,9
471,4
56
74
6,026
0,164
10
11
12
United Arab Emirates (Dubai)2,3
Macao
Japan2
440,8
420,2
418,4
77
70
58
0,085
0,188
1,062
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Panama2
Marshall Islands
1,2
United Kingdom
2
Jersey
Guernsey
3
Malaysia (Labuan)
Turkey
China
1,2
British Virgin Islands
Barbados
Mauritius1
Austria2
Bahamas1
2
Brazil
Malta
2
Uruguay
2
Canada
Russia
France
1
Isle of Man
2
Liberia
1
Bermuda
Cyprus
Liechtenstein
Ireland2
Belgium2
Guatemala2
Israel2
Netherlands2
Chile
Saudi Arabia
2
Australia
India
Philippines
Vanuatu
2
Ghana
Korea
US Virgin Islands
Samoa
Mexico
Norway2
New Zealand
Gibraltar1
Sweden
Aruba2
Italy
415,7
405,6
380,2
354,0
339,4
338,7
320,9
312,2
307,7
298,3
297,0
295,3
273,1
263,7
260,9
255,6
251,8
243,3
241,9
228,6
218,2
217,7
213,9
202,4
187,4
181,2
177,2
72
79
41
65
64
75
64
54
60
78
72
54
79
52
50
71
46
54
43
64
83
66
50
76
40
41
76
0,132
0,053
17,394
0,216
0,231
0,050
0,182
0,743
0,281
0,024
0,049
0,692
0,017
0,678
0,990
0,037
1,785
0,397
3,104
0,068
0,006
0,042
0,518
0,010
2,313
1,863
0,007
173,8
168,4
166,7
163,9
148,1
148,0
146,1
142,8
139,2
124,3
118,2
117,5
117,1
110,7
109,4
109,3
100,9
99,5
98,7
53
48
54
61
43
39
63
87
67
44
69
86
45
38
46
67
36
68
35
0,166
0,322
0,120
0,037
0,586
1,487
0,020
0,001
0,010
0,302
0,004
0,001
0,211
0,731
0,129
0,005
1,006
0,003
1,218
7
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
Singapore
2
59
60
61
92,8
92,5
90,9
45
79
42
0,113
0,001
0,203
90,6
71
0,002
89,4
69
0,002
79,7
78
0,000
79,6
77,5
74,9
81
33
55
0,000
1,090
0,010
68
Antigua & Barbuda
Spain
Costa Rica
Turks & Caicos Islands1
72,5
71
0,001
69
St Kitts & Nevis1
68,4
78
0,000
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
NA7
NA7
NA7
NA7
NA7
NA7
NA7
NA7
NA7
NA7
Curacao2
Iceland
Seychelles
Slovakia
Macedonia
Poland
Monaco
Estonia
Portugal (Madeira)3
St Lucia1
67,8
67,1
60,8
60,1
59,5
57,2
53,7
52,9
52,5
51,7
47,4
44,2
42,2
38,2
37,3
37,2
33,3
27,3
22,5
21,3
19,4
17,8
10,9
-
68
46
71
50
66
36
74
44
39
83
83
35
76
31
36
36
70
77
34
76
31
76
67
(72-80)
(65-73)
(73-81)
(76-84)
(60-68)
(75-83)
(67-75)
(73-81)
(64-72)
78,91
0,001
0,035
0,000
0,011
0,001
0,172
0,000
0,023
0,063
0,000
0,000
0,105
0,000
0,219
0,052
0,046
0,000
0,000
0,019
0,000
0,025
0,000
0,000
0,001
0,007
0,000
0,000
0,001
0,001
0,513
0,006
0,230
62
63
64
65
66
67
Latvia
Belize
South Africa
2
Botswana
1
Anguilla
1
St Vincent & the Grenadines
1
Brunei Darussalam1
Czech Republic
1
Grenada
Denmark
Hungary
Greece
San Marino
Andorra
Slovenia
Dominica1
Finland
Cook Islands1
Montserrat1
Bolivia
Dominican Republic
Gambia
Maldives
Montenegro
Paraguay
Taiwan
Tanzania
Venezuela
Nauru
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: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
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: www.financialsecrecyindex.com/PDF/FSIMethodology.pdf
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.