In 2009 and 2011 (and again, later this year) the Tax Justice Network has conducted an in-depth analysis of the worlds's secrecy jurisdictions, basing its work on over 200 variables, all in turn coming from accredited sources. The result is the Financial Secrecy Index that combines an opacity measure with a weighting based on the volume of transactions a location manages to come to an overall ranking.
One of the locations surveyed in Cyprus. The 2011 report for Cyprus headlined as follows: (Some say that link won't work so try this, in case: http://www.secrecyjurisdictions.com/PDF/Cyprus.pdf )
Overall, Cyprus took 20th place in the ranking.
So might I politely suggest to all those who are denying Cyprus was and is a tax haven / secrecy jurisdiction that they have simply got their rational analysis wrong?
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Cyprus is most certainly a tax haven and a secrecy jurisdiction, but we should be careful about impuning all who use it. I can think of no legitimate reason for a UK citizen to bank in Jersey, there are obvious reasons why a Russian who thinks he or she is properly paying their tax may want to put their funds beyond the reach of the Russian authorities (Russia being less a courageous state and more a terrifying one).
Finally you have jumped on the Cyprus bandwagon; I look forward to your proclamation that you predicted its demise many months ago because ‘I know as I’m a chartered accountant’ [taken from your utterances on Jeremy Vine recently]. Anyway back on topic. I note from your secrecy index that Cyprus is ranked 20th by FSI Value which means they are less secretive than Japan, USA, Germany, UK, Belgium Hong Kong and Singapore, to name a few. I note your blog has little or no content about most of these other ‘secrecy’ jurisdictions. I also note that many of the jurisdictions you do ‘target’ in your blog are much lower on the FSI Value scale than those I mention above; Guernsey, Ireland, Liechtenstein, IOM and some Caribbean Islands. Having an objective assessment criteria (your FSI) I am curious to understand why you choose to ignore some big secrecy jurisdictions, but target other less secret jurisdictions? I look forward to both your response and new campaigns against the likes of Germany, the USA and Japan.
Justice can’t be selective.
IO
Have you noticed the attention we give to London?
Or is your prejudice just blind?
Notice was given to the attention you give London hence my comment:
I am curious to understand why you choose to ignore some [emphasis on some] big secrecy jurisdictions, but target other less secret jurisdictions?
What about the others? – Is your prejudice blind?
IO
Not at all
A small organisation, let alone an individual is finite
So, moving back to my original question.
Having an objective assessment criteria (your FSI) I am curious to understand why you choose to ignore some big secrecy jurisdictions, but target other less secret jurisdictions?
IO
Because those are my considered opinions on priorities
And it looks like I’m right…