> Meanwhile, the Cayman Islands, which ranked first in 2020, dramatically dropped to No. 14 in this year’s index, after disclosing new data on the financial services it provides to foreigners.
in reality, it should have always been No. 14 or assumed to be operating the way it was, and it was just assumed to be far bigger and shadier than reality. where no information is assumed to mean bad information. that's just not the case. there are robust domestic ways to avoid claims on assets and money even from tax authorities, stigmatizing the entire offshore industry is just protectionist mentality.
straight from ICIJ itself "US lands top spot as world’s biggest enabler of financial secrecy in new index"
https://www.icij.org/investigations/pandora-papers/us-lands-...
> Meanwhile, the Cayman Islands, which ranked first in 2020, dramatically dropped to No. 14 in this year’s index, after disclosing new data on the financial services it provides to foreigners.
in reality, it should have always been No. 14 or assumed to be operating the way it was, and it was just assumed to be far bigger and shadier than reality. where no information is assumed to mean bad information. that's just not the case. there are robust domestic ways to avoid claims on assets and money even from tax authorities, stigmatizing the entire offshore industry is just protectionist mentality.