What is a secrecy jurisdiction?

Secrecy jurisdictions are also commonly known as tax havens. The Tax Justice Network has defined secrecy jurisdictions as,

“places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain. That regulation is designed to undermine the legislation or regulation of another jurisdiction. To facilitate its use secrecy jurisdictions also create a deliberate, legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.”

Opinion is divided as to which places in the world qualify as a secrecy jurisdiction. The International Revenue System in the US and the International Monetary Fund and the Financial Stability Forum (FSF) have both drawn up their own lists of secrecy jurisdictions. For this report, PWYP Norway used the list drawn up in the Financial Secrecy Index (FSI), a study by the Tax Justice Network. More information on these various definitions can be found in the report.