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EU already has its ' blacklist ' against fraud: identifies 17 tax havens

Jurisdictions include Panama, Tunisia, or the UAE. There are another 47 economies on a gray list with outstanding upgrades

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EU already has its ' blacklist ' against fraud: identifies 17 tax havens

The Ministers of Economy and Finance of European Union, at Ecofin meeting held this Tuesday in Brussels, have given green light to a black list of tax havens comprising 17 countries or jurisdictions. These are American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macao, Marshall Islands, Mongolia, Namibia, Palau, Panama, Samoa, St. Lucia, Trinidad and Tobago, Tunisia and United Arab Emirates.

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Since January, for elaboration of list, a total of 92 countries and territories have been evaluated according to three criteria (fiscal transparency, "fair taxation" and implementation of measures agreed by OECD) and "most of m have committed mselves to EU" "In a constructive dialogue process."

Apart from 17 tax black points, report includes anor 47 countries or regions in a grey area, with improvements pending or committed for next few years, but still with tax loopholes. In this second list appears Andorra, as well as or countries such as Morocco, Turkey, Hong Kong, Bosnia and Herzegovina, Fiji, Serbia, Vietnam, Jamaica or Armenia.

The Spanish Minister of Economy, Luis de Guindos, also confirmed after meeting of economic headlines approval of both documents. "We think it's a very important step." Today list of se countries has been approved with a number of provisions on procedures and administrative measures in this area that will be published quickly, he said in a press conference.

On "Grey" list with territories that have expressed ir intention to amend ir tax legislation and comply with criteria of transparency and fiscal justice of twenty-eight, Spanish politician explained that se commitments "somehow put m in "Situation different from those who are in black."

On possible sanctions that could be set for countries on blacklist, Guindos said y must have an impact "not only reputational but also real", while noting that "it is said that black list countries will not be able to access Europ development funds" "EO and, moreover, that re will be a particularly intense, particularly close, control of those taxpayers acting in those jurisdictions."


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