Top 10 most financially secretive African countries

Business Insider Africa presents the top 10 most financially secretive African countries.
This list is courtesy of a report done by the Tax Justice Network a platform that works to repair injustices by helping reprogramme tax and financial systems.
According to the Tax Justice Network, financial secrecy keeps tax abuse feasible, drug cartels bankable, and human trafficking profitable.

Financial secrecy continues to be a source of concern in today's world owing to how much it enables criminal activities such as money laundering, tax evasion, and corruption. Despite progress in promoting openness, several countries continue to be recognized as worldwide hotspots for financial secrecy.

Some countries still struggle tremendously with this issue, while others have done a decent job of containing it. Which country has a high level of financial secrecy has been revealed by the Tax Justice Network’s Financial Secrecy Index. Tax Justice Network’s Financial is a platform that works to repair injustices by helping reprogramme tax and financial systems. The index ranks the countries and regions that are most involved in assisting people to conceal their financial affairs from the authorities.

The Financial Secrecy Index (FSI) calculates each jurisdiction's contribution to the global financial secrecy problem using both qualitative and quantitative data.

According to Tax Justice Network, financial secrecy refers to the use of complex financial mechanisms by wealthy individuals, multinational corporations, and criminals to hide their assets for the purpose of abusing tax or evading the rule of law. They also note that financial secrecy keeps tax abuse feasible, drug cartels bankable, and human trafficking profitable.

The index highlights the rules that countries may alter to lessen their contribution to financial secrecy and identifies the largest providers of financial secrecy in the world.

The Secrecy Score for each jurisdiction is calculated from 20 Secrecy Indicators, designed to assess the legal framework, systems, and processes of each jurisdiction for their effectiveness at either permitting or preventing legal and financial secrecy for individuals and entities based elsewhere. The index grades each country’s tax and legal system with a “Secrecy Score” out of 100 where a zero represents no scope for financial secrecy and a 100 is unrestrained scope for financial secrecy.

Below are 10 African countries that rank the highest in the financial secrecy index

Rank	Country	Secrecy Score	Financial secrecy Value	Global rank
1.	Angola	79	336	33rd
2.	Algeria	79	335	34th
3.	Liberia	73	286	40th
4.	Kenya	67	282	41st
5.	Nigeria	65	271	42nd
6.	South Africa	60	261	46th
7.	Mauritius	70	216	55th
8.	Egypt	68	211	56th
9.	Ghana	53	167	70th
10.	Morocco	66	146	79th