The report, called the Financial Secrecy Index, assesses 73 jurisdictions that, allow for billions of foreign dollars to be kept in offshore accounts and untaxed. About $250 billion in tax revenue is lost by governments worldwide due to offshore accounts each year, according the Tax Justice Network.
The U.S. is the fifth best tax haven according to the report and government officials may be making some headway in breaking down Switzerland's secrecy laws. In September, the U.S. government obtained the account information of American clients at 10 major Swiss banks.
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