Which jurisdictions are included in the FSI?

The 2020 edition of the Financial Secrecy Index ranks 133 jurisdictions. Each of the 133 jurisdictions has a detailed country report, explaining its secrecy score and providing extra data. Some country reports also contain detailed narrative reports, marked in bold and with a pdf symbol in the list below, which explore the jurisdiction's history and political economy and explain how it developed into a secrecy jurisdiction.

The country reports listed below are also complemented by far more detailed technical database reports for each jurisdiction, which provide the underlying sources and references for the country reports and a wealth of additional details.

Click on a jurisdiction in the table below to get the country report. The full list of database reports is here.

Jurisdictions in the Financial Secrecy Index 2020

Flag  Andorra (AD) Flag  Liberia (LR)
Flag  Anguilla (AI) Flag  Liechtenstein (LI)
Flag  Antigua and Barbuda (-/-) Flag  Lithuania (-/-)
Flag  Aruba (AW) Flag  Luxembourg (LU)
Flag  Australia (AU) Flag  Macao (MO)
Flag  Austria (AT) Flag  Macedonia (MK)
Flag  Bahamas (BS) Flag  Malaysia (Labuan) (MY)
Flag  Bahrain (BH) Flag  Maldives (MV)
Flag  Barbados (BB) Flag  Malta (MT)
Flag  Belgium (BE) Flag  Marshall Islands (MH)
Flag  Belize (BZ) Flag  Mauritius (MU)
Flag  Bermuda (BM) Flag  Mexico (MX)
Flag  Bolivia (BO) Flag  Monaco (MC)
Flag  Botswana (BW) Flag  Montenegro (ME)
Flag  Brazil (BR) Flag  Montserrat (MS)
Flag  British Virgin Islands (VG) Flag  Nauru (NR)
Flag  Brunei (-/-) Flag  Netherlands (NL)
Flag  Bulgaria (-/-) Flag  New Zealand (NZ)
Flag  Canada (CA) Flag  Norway (NO)
Flag  Cayman Islands (KY) Flag  Panama (PA)
Flag  Chile (CL) Flag  Paraguay (PY)
Flag  China (CN) Flag  Philippines (PH)
Flag  Cook Islands (CK) Flag  Poland (PL)
Flag  Costa Rica (CR) Flag  Portugal (Madeira) (PT)
Flag  Croatia (-/-) Flag  Puerto Rico (-/-)
Flag  Curacao (CW) Flag  Romania (-/-)
Flag  Cyprus (CY) Flag  Russia (RU)
Flag  Czech Republic (-/-) Flag  Samoa (WS)
Flag  Denmark (DK) Flag  San Marino (SM)
Flag  Dominica (DM) Flag  Saudi Arabia (SA)
Flag  Dominican Republic (DO) Flag  Seychelles (SC)
Flag  Estonia (EE) Flag  Singapore (SG)
Flag  Finland (FI) Flag  Slovakia (SK)
Flag  France (FR) Flag  Slovenia (SI)
Flag  Gambia (GM) Flag  South Africa (ZA)
Flag  Germany (DE) Flag  South Korea (-/-)
Flag  Ghana (GH) Flag  Spain (ES)
Flag  Gibraltar (GI) Flag  St. Kitts and Nevis (-/-)
Flag  Greece (GR) Flag  St. Lucia (-/-)
Flag  Grenada (GD) Flag  St. Vincent and the Grenadines (-/-)
Flag  Guatemala (GT) Flag  Sweden (SE)
Flag  Guernsey (GG) Flag  Switzerland (CH)
Flag  Hong Kong (HK) Flag  Taiwan (TW)
Flag  Hungary (HU) Flag  Tanzania (TZ)
Flag  Iceland (IS) Flag  Thailand (-/-)
Flag  India (IN) Flag  Trinidad and Tobago (-/-)
Flag  Indonesia (-/-) Flag  Turkey (TR)
Flag  Ireland (IE) Flag  Turks and Caicos Islands (-/-)
Flag  Isle of Man (IM) Flag  Ukraine (-/-)
Flag  Israel (IL) Flag  United Arab Emirates (Dubai) (AE)
Flag  Italy (IT) Flag  United Kingdom (GB)
Flag  Japan (JP) Flag  Uruguay (UY)
Flag  Jersey (JE) Flag  US Virgin Islands (VI)
Flag  Kenya (-/-) Flag  USA (US)
Flag  Latvia (LV) Flag  Vanuatu (VU)
Flag  Lebanon (LB) Flag  Venezuela (VE)

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How did we choose these jurisdictions?

Some people are surprised to see countries like Germany or the United States identified as secrecy jurisdictions.

Every country in the world,  has at least some elements that make it a secrecy jurisdiction. This may simply be because of omission: the country has not set up the information sharing and other mechanisms that would reduce its secrecy score to zero. Media stories and other sources indicate that Germany and the USA host large illicit assets from other countries, in conditions of secrecy, as their special reports explain.

  • The first Financial Secrecy Index, published in 2009, contained 60 jurisdictions (see our original methodology here) which we expanded to 73 in 2011. In 2013, we expanded it to 82. In 2015, we included 102 jurisdictions. This was expanded to 112 in the 2018 edition. For the Financial Secrecy Index 2020, we include an additional 21 countries, bringing the total to 133. The new list contains: Fifteen jurisdictions added because they were among the top 94 in terms of their share of the global market of offshore financial services in the Financial Secrecy Index 2018. These countries are: Argentina, Bangladesh, Colombia, Ecuador, Egypt, El Salvador, Jordan, Kuwait, Morocco, Nigeria, Pakistan, Peru, Qatar, Sri Lanka, and Vietnam.
  • Two jurisdictions added because indications of secrecy or financial centre ambitions. These jurisdictions are Kazakhstan and Rwanda.
  • Four additional African jurisdictions, given our focus on African jurisdictions under the NORAD-financed project Financial Secrecyand Tax Advocacy in Africa. These jurisdictions are: Algeria, Angola, Cameroon and Tunisia have been included.

For more details, see our methodology here.

In subsequent editions of the Financial Secrecy Index, we plan to include more jurisdictions, eventually covering all jurisdictions.