Thursday, March 15, 2018

EU Adds Bahamas, Saint Kitts, Nevis and the US Virgin Islands to its BLACKLIST! - So What?


The EU Council of Finance Ministers has added:
  1. the Bahamas,
  2. Saint Kitts,
  3. Nevis, and
  4. the US Virgin Islands
to the EU Blacklist of non-cooperative tax jurisdictions. At the same time,
  1. Anguilla,
  2. Antigua and Barbuda,
  3. the British Virgin Islands and
  4. Dominica
have been put on the 'grey list' of jurisdictions that have promised to amend their tax systems in line with EU requirements.

  1. Bahrain,
  2. the Marshall Islands and
  3. Saint Lucia
have been moved from the blacklist to the grey list after giving similar undertakings.

So What's The Significance of Appearing On The EU Blacklist?

Beyond being named, countries currently face few consequences from being blacklisted. Some EU funding legislation does include reference to the blacklist and the bloc’s finance ministers will discuss specific countermeasures next year.

“It is completely pointless to have a blacklist with no sanctions,” said Alex Cobham of the Tax Justice Network.

“Tax avoiders and the countries that sponsor them will all be letting out a sigh of relief today.”

“As long as the Council cannot agree on common sanctions against listed tax havens, the blacklist will be toothless,” said MEP Sven Giegold, a Green party spokesman on financial and economic policy.

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