The U.S. is now the best country for illegally hiding money, report finds

From CBS News | Moneywatch by Khristopher J. Brooks

The U.S. is the top destination for stashing money illegally, according to a new report from a pro-tax advocacy group.

This year marks the first time the U.S. placed No. 1 on FACT Coalition's Financial Secrecy Index, said the D.C.-based organization Tuesday. The U.S. ranked above traditional tax havens Singapore, Switzerland and Luxembourg, which rounded out the top four nations. The Cayman Islands, which many Americans associate with offshore bank accounts, ranks No. 14 on the group's list.

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