In its latest crackdown on tax evasion, the European Union (EU) has published a blacklist of countries that have failed to comply with its agreed tax rule standards.

The jurisdictions that found mention in the list are: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the UAE. These countries could lose access to funds from the EU.

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In addition, EU also issued a grey list of 47 other jurisdictions which are currently not compliant with its tax governance standards but have committed to reform their tax rule.  This list includes Hong Kong, Jersey, Bermuda, Cayman Islands, Switzerland and Turkey.

EU noted that the list would be updated at least once annually and a country could be removed from the list once it has addressed the shortcomings.

Commissioner for economic and financial affairs, taxation and customs, Pierre Moscovici said: “The adoption of the first ever EU blacklist of tax havens marks a key victory for transparency and fairness. But the process does not stop here. We must intensify the pressure on listed countries to change their ways. Blacklisted jurisdictions must face consequences in the form of dissuasive sanctions, while those that have made commitments must follow up on them quickly and credibly.”

EU’s latest move comes a month after the massive data leak known as The Paradise Papers. The leak of 13.4 million files from offshore law firms and company registries in 19 tax havens worldwide revealed dealings of the affluent, including associates of US president Donald Trump and Russian president Vladimir Putin.

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