Wednesday 06, December 2017 by Jessica Combes

EU adopts blacklist of 17 tax havens

 

On Tuesday European Union finance ministers adopted a blacklist of tax havens which includes 17 extra-EU jurisdictions considered as not cooperative on tax matters, French Finance Minister Bruno Le Maire said according to media reports.

The list includes American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.

Le Maire is reported to have said that other 47 jurisdictions are included in a public "grey" list of countries that are currently not compliant with EU standards but have committed to change their tax rules.

EU states launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities, following a number of disclosures of offshore tax avoidance schemes by companies and wealthy individuals. Le Maire added that blacklisted countries could lose access to EU funds and other possible countermeasures will be decided in coming weeks.

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