Beautiful Virgin Islands

Tuesday, Jun 03, 2025

BVI’s financial secrecy score worsens in the last two years

BVI’s financial secrecy score worsens in the last two years

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”.

Cayman topped famous offshore jurisdictions such as the United States, Switzerland, and Hong Kong.

According to TJN, “Cayman has increased its supply of financial secrecy to the world by 24 percent, moving it up from third on the 2018 index to first on the 2020 index”.

The report said Cayman’s role in global financial secrecy emanates from its hedge fund industry, which uses companies, trusts and limited partnerships that are cloaked in secrecy.

In the meantime, news that the BVI has worsened his position on the biennial financial secrecy index comes just months after the territory was named in the Fincen Files scandal.

The scandal involves more than 2,500 leaked documents that banks sent to the US Financial Crimes Enforcement Network (FinCen) between 2000 and 2017.

The leaked documents have, therefore, been called the FinCen Files and involve about two trillion dollars worth of transactions that uncover how some of the world’s largest banks have allowed criminals to move ‘dirty money’ around the world.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×