The UK has risen to 12th place in the Tax Justice Network’s 2020 financial secrecy index, from 23rd place in 2019.
The UK’s network of overseas territories and crown dependencies was the main factor in this change, with the Cayman Islands occupying top spot in the index for financial secrecy.
The TJN’s index ranks jurisdictions according to levels of public transparency over such things as the beneficial ownership of companies, combined with the scale of their trade in international financial services.
Dan Neidle, tax partner at Clifford Chance, questioned the report’s methodology, which is based heavily on financial activity conducted by non-residents, pointing out the leading role the UK has taken in recent years to combat financial crime.
The TJN has published the financial secrecy index every two years since 2009. It also publishes a our corporate tax haven index, which ranks the world’s most important tax havens for multinational companies.
The UK has risen to 12th place in the Tax Justice Network’s 2020 financial secrecy index, from 23rd place in 2019.
The UK’s network of overseas territories and crown dependencies was the main factor in this change, with the Cayman Islands occupying top spot in the index for financial secrecy.
The TJN’s index ranks jurisdictions according to levels of public transparency over such things as the beneficial ownership of companies, combined with the scale of their trade in international financial services.
Dan Neidle, tax partner at Clifford Chance, questioned the report’s methodology, which is based heavily on financial activity conducted by non-residents, pointing out the leading role the UK has taken in recent years to combat financial crime.
The TJN has published the financial secrecy index every two years since 2009. It also publishes a our corporate tax haven index, which ranks the world’s most important tax havens for multinational companies.
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