Switzerland and the United States are the biggest promoters of financial secrecy according to an index published today by the Tax Justice Network (TJN). The index ranks countries based on their level of secrecy and the percentage of financial services provided to non-residents.
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Switzerland, a well-known tax haven, whose practices were uncovered by ICIJ’s 2015 Swiss Leaks investigation, is still the worst offender as far as financial secrecy is concerned, according to TJN’s analysis. “Switzerland has delayed the implementation of automatic information exchange, and in 2017 lawmakers attempted to stop it altogether with countries they deemed ‘corrupt’,” the report noted.