Switzerland retains top tax haven position, US climbs to number 3

The 'Swiss banks' still remain the top havens for global black money, followed by Hong Kong, the US, Singapore and the Cayman Islands

Zee Media Bureau

New Delhi: Switzerland has retained the top position in the financial secrecy index of 2015, as per the Tax Justice Network announced on Monday.

According to The Times of India report, Switzerland is followed by Hong Kong, the US, Singapore and the Cayman Islands.The biggest surprise is the US, which has climbed to third place from sixth place in FSI-2013.

Switzerland, the US, Singapore and Germany figure in the top 10 list of FSI-2015 are also among the top 10 FDI investors to India. These countries are also perceived as actively promoting secrecy in global finance.​

Tax Justice Network's biennial FSI ranking is based on a country's secrecy score and a scale-weightage based on the country's share in the global market for its offshore financial services, the report added.