The US has overtaken Switzerland in a global ranking of countries most complicit in helping individuals to hide their finances from the rule of law while the Cayman Islands has leapfrogged both countries to rank as the worst offender according to the Tax Justice Network’s Financial Secrecy Index 2020.

Encouragingly, the index reveals that financial secrecy around the world is decreasing as a result of recent transparency reforms, but a handful of jurisdictions accounting for a large share of global financial services have bucked the trend.

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