These two characteristics, when combined, create an index of secrecy jurisdictions, or tax havens if you prefer, called the Financial Secrecy Index.
All governments that wish to fight terrorism must work together and repeal the laws of secrecy on financial dealings.
This study, by far the most thorough of its kind, makes sobering reading for anyone who worries about the link between financial crime and corporate secrecy.
When Abram Pritzker died in 1986, his death taxes were slashed after the family claimed successfully that his money had been moved to trusts in the Bahamas, a former British possession with secrecy laws for financial arrangements.
However, the Swiss take bank secrecy, personal and financial privacy, very seriously indeed and receiving, let alone buying, stolen bank information is certainly a crime in Switzerland.
FORBES: Switzerland to Attempt to Arrest German Tax Collectors
The Dubai Islamic Bank believes it is filling a gap in the market by offering women extra privacy in their financial affairs - in some cases secrecy from their husbands - and a more relaxed atmosphere in which they can discuss their needs.
But probably the most important competitive advantage Swiss financial institutions have to offer is banking secrecy.
This scenario is likely to happen more and more as onerous Bank Secrecy and USA Patriot Acts make it increasingly difficult for financial institutions to be in full compliance with anti-money laundering regulations.
The Bank Secrecy Act and the Internal Revenue Code both require reporting by United States persons concerning their foreign financial accounts.
FORBES: Tax Reporting of Foreign Financial Assets: A Tale of Two Acts
The Report of Foreign Bank and Financial Accounts requirements (31 CFR 103.24), or the FBAR rules, are part of the Banking Secrecy Act.
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