The 2015 Financial Secrecy Index has revealed Australia as a haven for illicit funds. The report also highlights growing concern about the United States’ impeding progress.

Information came from the Tax Justice Network's index. According to the index, which ranks countries on financial transparency, Australia ranks 44 out of 100. The country was 47 in the previous survey, indicating that it has been taking the right steps in providing satisfactory financial transparency.

The report also highlights Australia's considerable taps in addressing tax avoidance and evarsion. It also emphasises the country's efforts in solving revenue loss. However, data on how it helps other countries in fighting money laundering and tax evasion remain debatable.

"A number of recent cases demonstrate that Australia undoubtedly hosts significant quantities of illicit funds from outside the country. However, due to the nature of illicit financial flows, comprehensive data is not available," the Tax Justice Network writes in its report.

"One reason for the failure to stop illicit funds finding a safe haven in Australia appears to be weaknesses in Australia’s anti-money laundering laws," the report also notes. Nonetheless, the report also claims that Australia has been taking a highly proactive and innovative approach to the matter considering the overall outlook. It points out how Serious Financial Crime Taskforce replaced the he ATO's Project Wickenby taskforce. Other initiatives of the federal government include the shift of OECD Common Reporting Standard to automatic exchange of financial information and Joe Hockey's legislation on stopping profit shifting.

Another report from the network highlights concerns over the United States and its role to progress. According to the report: "Our analysis also reveals that the United States is the jurisdiction of greatest concern, having made few concessions and posing serious threats to emerging transparency initiatives. Rising from sixth to third place in our index, the US is one of the few whose secrecy score worsened after 2013." The organisation recommends the United States to address its deeply rooted "opposition to reasonable tax data sharing."

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