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 7 E N M 0. OV B 01 E AR M AM B GO E C R ET 2 0 RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 13 EMBARGO 7 NOVEMBER 2013 - 0.01 AM CENTRAL EUROPEAN TIME EMBARGO 7 NOVEMBER 2013 - 0.01 AM CENTRAL EUROPEAN TIME 7 E N M 0. OV B 01 E AR M AM B GO E C R ET 2 0 13 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