The United States is now the most complicit nation in helping tax evaders and corrupt politicians around the world to hide their wealth from the rule of law, according to a new assessment byThe Tax Justice Network’s Financial Secrecy Index 2022, published Tuesday, said while financial secrecy services has continued to decline globally due to transparency reforms, five G7 countries alone – the U.S., UK, Japan, Germany and Italy – are responsible for slashing global progress by more than half.
Many wealthy Nigerians are beneficiaries of the schemes. The Nigerian government failed to act on previous reports by PREMIUM TIMES exposing hidden wealth stashed by politicians and business leaders in foreign countries. The Financial Secrecy Index said the top 10 biggest suppliers of financial secrecy are the United States, Switzerland, Singapore, Hong Kong, Luxembourg, Japan, Germany, United Arab Emirates, British Virgin Islands and Guernsey .The U.S. increased its supply of financial secrecy service to the world by almost a third since 2020, according to Tax Justice Network, a contradiction of President Joe Biden’s efforts to tackle global financial secrecy.
The U.S. remains the only major economy not to participate. Ironically, the U.S. does require, under the Foreign Account Tax Compliance Act and its related inter-governmental agreements , that all countries to share information with it about U.S. taxpayers financial accounts abroad.
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