Singapore and Hong Kong named in the top ten financial secrecy jurisdictions by an activist think tank.
The Tax Justice Network, a non-governmental organization that campaigns for greater transparency, claims an estimated $21 to $32 trillion of private financial wealth is located, untaxed or lightly taxed, in what it calls secrecy jurisdictions around the world.
Three Asian locations were named by the tax transparency group. Hong Kong is named in fourth place with Singapore one place behind in fifth. Taiwan is ranked as the eighth most financially secretive country.
The index, which is published every two years placed Switzerland, the U.S. and the Cayman Islands as the top three financial secrecy havens but made the proviso that if the British overseas territory or crown dependencies were assessed together, it would be at the top.
