Financial Secrecy Index - 2020 Results

Click on a jurisdiction's name to see the main report; and on its FSI value to access full database content. Click here to see a comparison with the results of the Financial Secrecy 2018.

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Rank Jurisdiction FSI - Value6 FSI Share7 Secrecy Score4 Global Scale Weight5
1 PDF Cayman Islands2 1,575.19 4.63% 76 4.58%
2 PDF United States2 1,486.96 4.37% 63 21.37%
3 PDF Switzerland2 1,402.10 4.12% 74 4.12%
4 PDF Hong Kong2 1,035.29 3.04% 66 4.44%
5 PDF Singapore2 1,022.12 3.00% 65 5.17%
6  PDFLuxembourg2 849.36 2.49% 55 12.36%
7 Japan 695.59 2.04% 63 2.20%
8 PDF Netherlands2 682.20 2.00% 67 1.11%
9 PDF British Virgin Islands2 619.14 1.82% 71 0.50%
10 PDF United Arab Emirates2 605.20 1.78% 78 0.21%
11 PDF Guernsey2 564.56 1.66% 71 0.41%
12 PDF United Kingdom2 534.65 1.57% 46 15.94%
13 PDF Taiwan2 507.57 1.49% 66 0.59%
14 PDF Germany2 499.72 1.47% 52 4.71%
15 PDF Panama2 479.51 1.41% 72 0.22%
16 PDF Jersey2 466.81 1.37% 66 0.46%
17 Thailand 448.86 1.32% 73 0.15%
18 Malta 442.20 1.30% 62 0.66%
19 PDF Canada2 438.38 1.29% 56 1.60%
20 Qatar 433.05 1.27% 77 0.09%
21 South Korea 411.06 1.21% 62 0.55%
22 Bahamas 407.28 1.20% 75 0.09%
23 Algeria 400.56 1.18% 80 0.05%
24 PDF Kenya2 398.19 1.17% 76 0.08%
25 China 397.25 1.17% 60 0.64%
26 PDF Lebanon2 385.52 1.13% 64 0.32%
27 PDF Cyprus2 383.38 1.13% 61 0.48%
28 Kuwait 369.17 1.08% 71 0.12%
29 PDF Ireland2 363.80 1.07% 48 3.46%
30 Gibraltar 359.89 1.06% 69 0.12%
31 Macao 356.53 1.05% 65 0.22%
32 Malaysia 352.69 1.04% 70 0.12%
33 France 350.53 1.03% 50 2.25%
34 PDFNigeria 348.53 1.02% 70 0.10%
35 PDFAngola2 345.45 1.01% 80 0.03%
36 PDF Austria2 317.00 0.93% 56 0.54%
37 Vietnam 299.30 0.88% 74 0.04%
38 PDF Israel2 291.49 0.86% 59 0.30%
39 Sri Lanka 290.64 0.85% 72 0.05%
40 Bermuda 289.07 0.85% 73 0.04%
41 PDF Italy2 287.80 0.85% 50 1.14%
42 Jordan 260.39 0.76% 78 0.02%
43 Isle of Man 258.34 0.76% 65 0.09%
44 Russia 256.35 0.75% 57 0.26%
45 Saudi Arabia 245.47 0.72% 67 0.06%
46 Egypt 241.93 0.71% 71 0.03%
47 PDF India2 238.68 0.70% 48 1.04%
48 PDF Australia2 238.07 0.70% 50 0.68%
49 Marshall Islands 236.43 0.69% 70 0.03%
50 PDF Belgium2 236.21 0.69% 45 1.72%
51 PDF Mauritius2 235.82 0.69% 72 0.03%
52 Liechtenstein 229.68 0.67% 75 0.02%
53 PDFCameroon 229.23 0.67% 71 0.02%
54 Bangladesh 228.79 0.67% 73 0.02%
55 PDF Turkey2 225.72 0.66% 60 0.12%
56 PDF Romania2 224.13 0.66% 63 0.08%
57 PDF New Zealand2 219.00 0.64% 59 0.12%
58 PDF South Africa2 218.59 0.64% 56 0.19%
59 Poland 212.10 0.62% 56 0.19%
60 Philippines 201.18 0.59% 63 0.05%
61 Venezuela 197.00 0.58% 69 0.02%
62 Anguilla 192.99 0.57% 78 0.01%
63 Barbados 192.86 0.57% 74 0.01%
64 Sweden 182.86 0.54% 46 0.71%
65 PDFLatvia2 182.83 0.54% 59 0.07%
66 Spain 164.30 0.48% 44 0.72%
67 Czechia 163.30 0.48% 55 0.09%
68 St. Kitts and Nevis 162.25 0.48% 75 0.01%
69 PDF Guatemala2 162.15 0.48% 74 0.01%
70 Ukraine 160.45 0.47% 65 0.02%
71 PDF Norway2 157.88 0.46% 44 0.60%
72 Morocco 157.49 0.46% 68 0.01%
73 PDF Brazil2 157.21 0.46% 52 0.15%
74 Maldives 155.39 0.46% 80 0.00%
75 Hungary 151.52 0.44% 54 0.09%
76 Portugal 151.18 0.44% 54 0.09%
77 Puerto Rico 150.53 0.44% 73 0.01%
78 Tunisia 147.48 0.43% 66 0.01%
79 Indonesia 143.84 0.42% 51 0.13%
80 Mexico 139.81 0.41% 53 0.09%
81 PDF Bahrain2 137.99 0.41% 62 0.02%
82 Chile 135.12 0.40% 56 0.05%
83 Costa Rica 132.24 0.39% 62 0.02%
84 Iceland 129.31 0.38% 57 0.03%
85 PDFEl Salvador 123.12 0.36% 64 0.01%
86 Samoa 120.86 0.35% 75 0.00%
87 Finland 119.34 0.35% 52 0.06%
88 Paraguay 117.59 0.35% 77 0.00%
89 US Virgin Islands 117.03 0.34% 74 0.00%
90 Uruguay 115.47 0.34% 57 0.02%
91 Bolivia 114.74 0.34% 79 0.00%
92 Turks and Caicos Islands 114.32 0.34% 78 0.00%
93 Croatia 112.33 0.33% 55 0.03%
94 Argentina 109.37 0.32% 55 0.03%
95 Seychelles 108.53 0.32% 70 0.00%
96 PDF Curacao2 103.60 0.30% 75 0.00%
97 PDF Denmark2 103.52 0.30% 45 0.14%
98 PDF Tanzania2 100.62 0.30% 71 0.00%
99 Rwanda 100.47 0.30% 63 0.01%
100 Pakistan 97.92 0.29% 55 0.02%
101 Peru 96.18 0.28% 57 0.01%
102 Colombia 92.25 0.27% 56 0.01%
103 Greece 91.65 0.27% 51 0.03%
104 Slovakia 91.29 0.27% 51 0.03%
105 Lithuania 89.83 0.26% 50 0.04%
106 PDF Vanuatu2 88.59 0.26% 76 0.00%
107 Dominican Republic 86.68 0.25% 59 0.01%
108 Kazakhstan 82.30 0.24% 64 0.00%
109 Monaco 79.90 0.23% 70 0.00%
110  Belize2 78.07 0.23% 74 0.00%
111 PDF Liberia2 77.59 0.23% 78 0.00%
112 PDF Aruba2 76.65 0.23% 73 0.00%
113 PDF Botswana2 58.37 0.17% 62 0.00%
114 St. Vincent and the Grenadines 57.72 0.17% 66 0.00%
115 Bulgaria 57.53 0.17% 49 0.01%
116 North Macedonia 54.86 0.16% 64 0.00%
117 PDF Ghana2 54.47 0.16% 52 0.01%
118 Dominica 53.75 0.16% 74 0.00%
119 Montenegro 53.65 0.16% 60 0.00%
120 Ecuador 50.66 0.15% 47 0.01%
121 Estonia 46.03 0.14% 43 0.02%
122 Antigua and Barbuda 39.05 0.11% 76 0.00%
123 Andorra 38.84 0.11% 58 0.00%
124 PDF Gambia2 37.72 0.11% 75 0.00%
125 Brunei 34.62 0.10% 78 0.00%
126 Grenada 34.56 0.10% 71 0.00%
127 Trinidad and Tobago 29.63 0.09% 65 0.00%
128 Slovenia 27.48 0.08% 38 0.01%
129 San Marino 20.82 0.06% 60 0.00%
130 Montserrat 15.43 0.05% 75 0.00%
131 Nauru 13.79 0.04% 60 0.00%
132 St. Lucia 12.25 0.04% 71 0.00%
133 Cook Islands 12.09 0.04% 70 0.00%

Footnote 1: The territories marked in dark grey are Overseas Territories (OTs) and Crown Dependencies (CDs) where the Queen is head of state; powers to appoint key government officials rest with the British Crown; laws must be approved in London; and the UK government holds various other powers (see here for more details: www.financialsecrecyindex.com/PDF/UnitedKingdom.pdf). Territories marked in light grey are British Commonwealth territories which are not OTs or CDs but whose final court of appeal is the Judicial Committee of the Privy Council in London (see here for more details: http://www.taxjustice.net/cms/upload/pdf/Privy_Council_and_Secrecy_Scores.pdf).
Footnote 2: The FSI Value is calculated by multiplying the cube of the Secrecy Score with the cube root of the Global Scale Weight. The final result is divided through by one hundred for presentational clarity.
Footnote 3: The FSI Share is calculated by summing up all FSI Values, and then dividing each countries FSI Value by the total sum, expressed in percentages.
Footnote 4: The Secrecy Scores are calculated based on 20 indicators. For full explanation of the methodology and data sources, please read our FSI Methodology, here: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
Footnote 5: The Global Scale Weight represents a jurisdiction's share in the global total amount of cross-border financial services. For full explanation of the methodology and data sources, please read our FSI Methodology, here: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
Footnote 6: For jurisdictions marked with 1, we provide special narrative reports exploring the history and politics of their offshore sectors. You can read and download these reports by clicking on the country name.

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