FINANCIAL SECRECY IND (FSI)
• The index was launched by Tax Justice Network (TJN), an independent international network.
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| Anurag Educational Academy |
• FSI ranks jurisdictions according to their secrecy and scale of their offshore financial activities, every two years.
• It is a tool for understanding global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows or capital flight.
o It examines how intensely the country’s legal and financial system allows wealthy individuals and criminals to hide and launder money.
o Parameters used in the ranking include automatic exchange of information and registration of beneficial ownership.
o Countries such as US, Singapore, Japan, Netherlands and UAE that figure on the top 10 list of FSI-2020 are also among the top 10 FDI investors to India.
• Cayman Island(British Overseas Territory) ranked first, moving up two slots from the 2018 ranking. US continued to retain its second position. India ranks 47 out of 133 countries.
• According to TJN, an estimated $21 to 32 trillion of private financial wealth is located, untaxed or lightly taxed, in secrecy jurisdictions (tax havens) around the world.
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| Anurag Educational Academy |
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| Anurag Educational Academy |
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