Kuwait ranked fourth in the Gulf, fifth in the Arab world and 35 globally in the seventh edition of the 2022 Financial Secrecy Index prepared by the Tax Justice Network, scoring 75 points out of 100.
A local Arabic daily has learned the UAE ranked first in the region and eighth globally, followed by Qatar in 20th, then Saudi Arabia 25th, and Algeria 34th.
The Financial Secrecy Index (FSI) ranks countries according to the extent to which their financial and legal systems help people and entities in concealing the ownership of assets and according to the degree of confidentiality that these countries provide for cash flows to them. A score of zero indicates complete transparency, while a score of 100 indicates complete confidentiality. Combine the degree of secrecy with the amount of financial services the country provides to non-residents to determine the amount of financial secrecy the country provides to the world.
At the world level, America came first in the financial secrecy index, followed by Switzerland, then Singapore, then Hong Kong, and Luxembourg.
According to the network, an estimated $10 trillion of wealth is held abroad, which is two and a half times higher than the value of all dollar and euro bonds currently in circulation in the world.
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