11 Feb 2021
The BVI’s ranking for financial secrecy has worsened in the last two years, according to the latest Financial Secrecy Index published by the Tax Justice Network (TJN).
TJN publishes the index once every two years and ranks countries based on how much financial secrecy they supply to the world.
The 2020 index shows that out of 133 countries listed, the BVI placed ninth.
This makes the territory one of the top 10 financial secrecy hotbeds that enable wealthy individuals to hide their wealth and avoid paying taxes.
For the 2018 index, the BVI ranked 16.
“A higher rank on the index does not necessarily mean a country is more secretive, but that the country plays a bigger role in enabling wealthy individuals and criminals to hide and launder money extracted from around the world,” TJN explained.
The index also grades each country’s legal and financial system with a secrecy score out of 100 where a zero out of 100 is full transparency and a 100 out of 100 is full secrecy.
For this listing, the BVI received a rather high score of 71 out of 100. Two years ago, that grade was 69 out of 100.
Cayman tops the list
Although the BVI’s ranking worsened, the index placed the territory second in the Caribbean after the Cayman Islands.
In fact, the Cayman Islands is the number-one country on the list, making it the “biggest enabler of financial secrecy in the world”.
Read more at BVI News
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