EMBARGO 7 NOVEMBER 2013 0.01 AM CET

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Jurisdiction
Switzerland2
Luxembourg2
Hong Kong2
Cayman Islands1,2
Singapore2
USA2
Lebanon2
Germany2
Jersey1,2
Japan2
Panama
Malaysia (Labuan)3
Bahrain2
Bermuda1
Guernsey1
United Arab Emirates (Dubai)2,3
Canada2
Austria2
Mauritius1
British Virgin Islands1,2
United Kingdom1,2
Macao
Marshall Islands
Korea
Russia
Barbados
Liberia2
Seychelles
Brazil2
Uruguay2
Saudi Arabia
India
Liechtenstein
Isle of Man1
Bahamas1
South Africa
Philippines
Israel2
Netherlands2
Belgium2
Cyprus
Dominican Republic
France2
Australia2
Vanuatu
Costa Rica
Ireland2
New Zealand
Gibraltar1
Norway2
Guatemala2
Belize
Latvia
Italy
Aruba2
Spain
Ghana2
Curacao2
US Virgin Islands
Botswana2
Anguilla1
St Vincent & the Grenadines1
Turks & Caicos Islands1
Malta
St Lucia1
Denmark
Antigua & Barbuda1
San Marino
Portugal (Madeira)3
Grenada1
Sweden
Hungary
Brunei Darussalam1
Andorra
Monaco
Samoa
Dominica1
Cook Islands1
Maldives
St Kitts & Nevis1
Nauru
Montserrat1
FSI 2013 - FINAL RESULTS
FSI-Value4
Secrecy Score5
1.765,3
1.454,5
1.283,4
1.233,6
1.216,9
1.213,0
747,9
738,3
591,7
513,1
489,6
471,7
461,2
432,4
419,4
419,0
418,5
400,8
397,9
385,4
361,3
360,5
329,6
328,8
325,3
317,5
300,9
293,5
283,9
277,5
274,2
254,6
241,0
237,3
226,9
209,8
206,7
205,9
204,9
199,3
198,9
193,8
191,0
168,2
165,0
157,6
155,5
151,4
147,8
142,8
142,4
129,8
128,1
119,0
113,3
111,4
109,9
106,4
102,9
99,0
96,8
85,1
81,8
78,1
66,9
63,1
60,5
59,5
57,9
55,8
55,7
54,7
50,6
43,4
38,8
31,0
26,9
25,3
21,1
18,5
78
67
72
70
70
58
79
59
75
61
73
80
72
80
67
79
54
64
80
66
40
71
82
54
60
81
83
85
52
72
75
46
79
67
80
53
67
57
50
45
52
73
41
47
87
71
37
52
79
42
77
80
51
39
71
36
66
77
69
73
76
78
78
44
84
33
80
80
39
78
32
40
84
76
75
88
79
77
79
80
79
74
Global Scale Weight6
4,916
12,049
4,206
4,694
4,280
22,586
0,354
4,326
0,263
1,185
0,190
0,082
0,182
0,061
0,257
0,061
2,008
0,371
0,047
0,241
18,530
0,108
0,022
0,978
0,318
0,021
0,014
0,011
0,768
0,040
0,028
1,800
0,011
0,049
0,009
0,260
0,033
0,132
0,430
1,031
0,264
0,012
2,141
0,394
0,002
0,008
2,646
0,126
0,003
0,667
0,003
0,002
0,090
0,748
0,003
1,504
0,005
0,001
0,003
0,002
0,001
0,001
0,000
0,079
0,000
0,605
0,000
0,000
0,092
0,000
0,440
0,056
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,000
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EMBARGO 7 NOVEMBER 2013 - 0.01 AM CENTRAL EUROPEAN TIME
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Footnote 1: The territories marked in Dark Blue are "overseas territories" (OTs) and "crown dependencies" (CDs) where the Queen is head of
state; powers to appoint key government officials rests 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). Those marked in light blue
are those 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.jcpc.gov.uk/about/role-of-the-jcpc.html#Overseas). If the Global Scale Weights of
just the OTs and CDs were added together (24% of global total), and then combined either with their average secrecy score of 70 or their
lowest common denominator score of 80 (Bermuda), the United Kingdom with its satellite secrecy jurisdictions would be ranked first in the
FSI by a large margin with a FSI score of 2162 or 3170, respectively (compared to 1765 for Switzerland). Note that this list excludes many
British Commonwealth Realms where the Queen remains their head of state.
Footnote 2: For these jurisdictions, 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.
Footnote 3: For these jurisdictions, we took the secrecy score for the sub-national jurisdiction alone, but the Global Scale Weight (GSW) for
the entire country. This is not ideal: we would prefer to use GSW data for sub-national jurisdictions - but this data is simply not available. As a
result, these jurisdictions might be ranked higher in the index than is warranted.
Footnote 4: The FSI 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 5: The Secrecy Scores are calculated based on 15 indicators. For full explanation of the methodology and data sources, please read
our FSI-methodology document, here: www.financialsecrecyindex.com/PDF/FSI-Methodology.pdf
Footnote 6: The Global Scale Weight represent a jurisdiction's share in global financial services exports. For full explanation of the
methodology and data sources, please read our FSI-methodology document, here: www.financialsecrecyindex.com/PDF/FSIMethodology.pdf
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