FRANKFURT: British overseas territory the Cayman Islands, the United States and Switzerland do most to help the globe’s richest citizens hide and launder money, according to a ranking published on Tuesday by a group pushing for reform.
The study by the Tax Justice Network tests how much countries’ legal and financial systems enable the hiding of wealth by checking, for example, on money-laundering laws, controls and the amount of financial activity in a country.
The research comes amid a renewed debate around financial reform, following scandals in Europe involving Russian money using the Baltics as a stepping stone to the western world.
Alex Cobham, chief executive of the Tax Justice Network, said the “Anglo-American axis of secrecy” was exacerbating corruption and tax abuse.
In its analysis, the study’s authors said the Cayman Islands was part of what it dubbed Britain’s ‘spider web’ of satellites, where London influences laws and the appointment of officials.
Published in Dawn, February 19th, 2020