A list of the top 10 tax havens in the world does not include Panama.
This is in spite of the huge leak of documents from the Panamanian law firm Mossack Fonseca that revealed how tax havens are used to hide wealth and has focused the world's attention on the Central American nation.
The Panama Papers revelations have prompted the country to create an international panel to help improve transparency in its offshore financial industry.
But international organisations which investigate financial secrecy warn that Panama is not even in the top 10 countries with the least financial transparency.
The Tax Justice Network, an independent organisation which analyses international tax and financial regulation, has created a list that ranks countries according to the strength of their financial regulation and the volume of their transactions.
According to that list, the top 10 tax havens or the top 10 countries for financial secrecy are: