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Saturday , December 3 2022

Financial Secrecy Index – Kuwait stands 35th globally

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KUWAIT CITY, May 23: Kuwait ranked fourth in the Gulf, fifth in the Arab world and 35th globally in the seventh edition of the 2022 Financial Secrecy Index, which was prepared by the Tax Justice Network, by scoring 75 points out of a total of 100, reports Al-Rai daily. The United Arab Emirates ranked first in the region and eighth globally, followed by Qatar in 20th place, 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. The degree of secrecy is combined 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 global level, America came first in the Financial Secrecy index, followed by Switzerland, Singapore, 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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