World Economy

EU Moves Eight Countries From Blacklist to Grey List

EU Moves Eight Countries From Blacklist to Grey ListEU Moves Eight Countries From Blacklist to Grey List

The European Union on Tuesday removed eight countries including Panama and South Korea from its list of tax havens, just weeks after first publishing the blacklist, France24 reported. The United Arab Emirates, Tunisia, Mongolia, Macau, Grenada and Barbados were also lifted from the list by finance ministers, after they pledged to address the EU’s concerns. The decision has drawn criticism from activists who say the EU’s commitment to tackle tax avoidance after the “Panama Papers” leak last year has now been watered down. “Eight jurisdictions have been removed from the EU’s list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns,” an EU statement said. The eight countries will now be on a “grey list” of countries that have made unspecified commitments to the EU on reforming their tax laws. The blacklist now covers just nine jurisdictions: American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago.


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