The European Union on Tuesday added ten countries and territories to its blacklist of tax havens, including the United Arab Emirates, with Cabo Verde remaining on the “grey list,” according to official information released in Brussels.
European finance ministers approved the return of the United Arab Emirates, Barbados and Marshall Islands to the blacklist for failing to honour their commitments, as well as the inclusion of Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica.
“Following the listing process, dozens of countries have adjusted their tax regimes to international standards of transparency,” said European Commissioner for Financial Affairs Pierre Moscovici.
In December 2017 European Union adopted its first list of so-called tax havens following the disclosure of the “Panama Papers,” in which a law firm set up businesses for customers to pay taxes in their countries of origin.
Twenty-five jurisdictions that were previously on the blacklist or greylist (a second category of countries with weaknesses that they committed to fighting) were no longer a cause for concern, including the territory of Macau, which was on the blacklist in December 2017, from which it moved to the greylist the following month (January 2018), where it had remained until now.
The statement said that “another 34 jurisdictions have already taken many positive steps to meet the requirements but must complete their work by the end of 2019 to avoid being included in the blacklist next year,” including Cabo Verde, which has been on the greylist for over a year. (Macauhub)