UK Ranks Higher Than the Isle of Man in Financial Secrecy Index
The Tax Justice Network’s (TJN) latest Financial Secrecy Index places the UK 15th in the rankings for financial secrecy, closely followed by Jersey and Guernsey in 16th and 17th respectively.
The Isle of Man, on the other hand, ranks 32nd in the overall table demonstrating that the Island is more transparent than those above it.
The study is carried out by TJN biennially and the UK now ranks higher than Jersey, Guernsey, British Virgin Islands and Bermuda who all ranked higher in the preceding study. Although the UK was rated less secretive, the global impact of its tax arrangements increased its rankings.
The Isle of Man, UK and The Channel Islands have all signed up to the OECD’s Common Reporting Standard, which will make participating countries automatically exchange tax information with each other.
The TJN’s Index can be viewed using this link:www.financialsecrecyindex.com/introduction/fsi-2015-results