CNS): The Cayman Islands is no longer the Tax Justice Network‘s most secret jurisdiction. The British overseas territory was rated number one in 2020 and number two in 2021, but this year it has dropped way down to number 14. The United States is now number one, Germany is number seven and Britain itself is number 13. The TJN said that Cayman dropped to 14th place in this year’s rankings after disclosing data showing that the scale of financial services it provides to non-residents was lower than expected.

The TJN has turned its attention to the onshore larger economies and, as successive governments and the financial services sector here have consistently claimed, it found that they are just as secretive as offshore jurisdictions, which TJN has previously viewed as traditional tax havens. It also found that it is in those countries where the serious financial crime is occurring.  Read More