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GUARDIAN (UK) – The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN).
The US is ranked third, behind Switzerland and Hong Kong, in the financial secrecy index, produced every two years by TJN.
But the study noted that if Britain and its affiliated tax havens such as Jersey were treated as one unit it would top the list.
The performance of the US will come as a surprise to Barack Obama’s administration, which has been widely credited with doing more than any other government to compel offshore banks to hand over information on hidden assets.
In recent years the US has also won unprecedented disclosure battles with Swiss banks notorious for protecting client information behind Switzerland’s secrecy laws.