Tunisia, UAE and Bahrain have featured among the 17 countries included in the EU’s tax heaven blacklist. The EU’s financial minister drew up the list explaining that 47 countries were put on a “grey list” to be monitored until they are fully committed to reforms.
The EU said those blacklisted had refused to cooperate and change their way after almost one year of consultations.
The blacklist also includes South Korea, Mongolia, Namibia, Panama, Trinidad & Tobago, Grenada, St. Lucia as well as Guam, the US territory in the Pacific, and the UK dependencies of Jersey, Guernsey and the Isle of Man.
The blacklist will be linked to EU legislation so that jurisdictions implicated will not be eligible for funds from the bloc except where it is to aid development.
Developed countries on the “grey list” have until the end of 2018 to deliver on their commitments to reform while developing countries have been given an additional year before they will be put on the blacklist.