On 12th March, EurActiv reported that EU finance ministers have approved the addition of 10 more countries to the EU’s blacklist of tax havens, from 5 to 15.  The 5 original jurisdictions were Samoa, Trinidad and Tobago, American Samoa, Guam and the US Virgin Islands.   To these have been added Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, UAE, Vanuatu.  The new territories have moved from the ‘grey list’ to the blacklist because they failed to implement reforms in the 1-year deadline which had been set.  A total of 62 jurisdictions were given 1 year, until the end of 2018, to comply with EU tax standards – and of the 62, 28 have complied.  This blacklist is different from the money laundering blacklist, recently rejected by Member States (with the EU Commission told to compile a new, replacement list).

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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