Switzerland has been considered safe for people around the world to hide black money. However, America has become more helpful, no longer Switzerland. In the US, the world's financial security has increased by about a third since 2020. This information has come out from the latest research of the advisory group Tax Justice Network (TJN). According to this, there is no better financial and legal help in hiding the ownership of property than in America.
TJN has been ranking individual countries since 2009 based on how helpful the financial system and the law have been in concealing ownership. In the latest ranking, it has placed America at the top position. This is its worst ranking ever.
Five of the G-7 of the world's seven richest countries—the US, Britain, Japan, Germany, and Italy—are responsible for stalling more than half of global progress toward financial security. Germany is hosting the G-7 meeting on 18 May. However, Germany's performance in implementing transparent laws has been weak. Therefore Germany is placed the seventh position in the ranking.
G-7 keeps changing rules to save tax
According to Moran Harari, lead researcher at the Tax Justice Network, the G-7 is a small group of wealthy countries that keep changing global rules for financial secrecy and tax saving. For decades these wealthy G-7 countries have been wooing billionaires.
There is poor coordination among the tax departments of these major countries. Only if America works in harmony with other major economies, financial secrecy in the world can be reduced by 40% and transparency can increase by the same.
The popularity of Switzerland and the Cayman Islands plummeted
Switzerland's position has now slipped to the second position in this ranking. Here the facility of financial secrecy is half as compared to America. The Cayman Islands, which once used to be in the first place, have now come down to the 14th place. The reason for this is the decline in the level of financial services.
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