The United States becomes the largest tax haven on the planet

“Right now, the best place to hide and launder money is in the United States,” said US Treasury Secretary Janet Yellen.

This Monday, May 16, theONG Tax Justice Network published its annual ranking of “countries most complicit in helping individuals hide their wealth behind the law”, and the UNITED STATES appear like the perfect tax haven.

World’s top suppliers of financial secrecy:

1 USud83cuddfaud83cuddf8
2 Switzerlandud83cudde8ud83cudded
3 Singaporeud83cuddf8ud83cuddec
4 Hong Kongud83cuddedud83cuddf0
5 Luxembourg ud83c uddf1 ud83c uddfa
6 Japanud83cuddefud83cuddf5
7 Germanyud83cudde9ud83cuddea
8 UAEud83cudde6ud83cuddea
9 BVIud83cuddfbud83cuddec
10 Guernseyud83cuddecud83cuddec

Financial secrecy helps tax evaders, corrupt politicians & oligarchs avoid the law #FSI2022

— Tax Justice Network (@TaxJusticeNet) May 17, 2022

The study reveals that the global wealth hidden by opaque arrangements amounts to almost $10 trillion.

The United States in a bad position

Washington got the worst rating ever given by the NGO, well ahead of countries such as Switzerland, Luxembourg, the Cayman Islands or Singapore.

The country attracts many companies, but also manyrussian oligarchsindicate La Vanguardia.

Already in 2021, the Pandora Papers scandal in 2021 alerted us to the active role of American states in the tax fraud.

But today the United States explicitly imposes itself as the largest paradis fiscal in the world.

Since 2020, thefinancial opacity of the country would have increased by more than 30%.

The State of Deleware: Champion Among Champions

The state of Delawarein the eastern United States is known to be a particularly popular tax haven.

Its jurisdiction allows minimize tax burdenspaying no corporate tax, while guaranteeing theanonymity of whoever wants it.

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on attractive tax policy fact that today there are more registered businesses than people in Deleware.

Transparency difficult to implement

If the US government shows up aware its shortcomings at the tax level, more restrictive policies seem complicated to put in place.

The U.S. is the top supplier of financial secrecy in the world according to the new index published today by @TaxJusticeNet.

The U.S.’s supply of financial secrecy is now nearly twice as large as that of second-placed Switzerland. #FSI2022

— Transparency International U.S. (@transparencyUSA) May 17, 2022

Tax Justice Network indicates that the main problem of the United States remains: “his refusal to have reciprocal exchange of information with the tax authorities of other countries”.