Delaware trumps Switzerland in secrecy stakes

WASHINGTON: Move over Switzerland. The tiny US state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said.

The United States, led by the eastern seaboard state, took in $2.6 trillion in deposits from non-resident corporations and individuals in 2007, according to a survey of financial jurisdictions analyzed by the Tax Justice Network.

The survey of laws, practices and size of inflows in 60 jurisdictions found Delaware coming in first, followed by Luxembourg and then Switzerland. The Cayman Islands and the United Kingdom round out the top five.