EU blacklists 17 tax havens for failing to comply with tax transparency

 
Oliver Gill
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St Lucia is only one of 17 jurisdictions listed (Source: Getty)

The EU today blacklisted 17 tax havens in a move that could see the jurisdictions subjected to a raft of sanctions from member states.

American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates are the countries listed, officials said.

The decision was made by European finance ministers at a meeting in Brussels. It follows a number of high profile disclosures about companies and individuals and their tax planning, such as 2016's Panama Papers and the more recent Paradise Papers.

Read more: Corruption is the real story of the Paradise Papers

Blacklisted countries face wide-ranging sanctions including the loss of access to EU funds, French finance minister Bruno Le Maire said.

European authorities have urged nations to up their efforts in committing to greater tax transparency over the past year.

A further 47 jurisdictions have been included on a "grey" list. Such nations were deemed not currently fully compliant with EU standards but had already committed to tightening their tax regimes.

Read more: Hammond hails Panama Papers taskforce progress

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