Switzerland, despite bank settlements with the United States to disclose tax evaders, remains the top refuge for financial secrecy, according to a new international ranking of tax haven countries.
Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations, said a report released on Monday by the nonprofit, nonpartisan Tax Justice Network.
Steeped in a long tradition of bank secrecy, Switzerland has recently signed information sharing agreements as part of a reporting program with the Organisation for Economic Co-operation and Development. But these efforts have been “ineffective,” the report said.
