Four Caribbean Nations Now On EU Blacklist

News Americas, NEW YORK, NY, Weds. Oct. 7, 2020: European Union finance ministers added two more Caribbean nations to their blacklist Tuesday, bringing the number to four.

Anguilla and Barbados now join Trinidad and Tobago and the U.S. Virgin Islands on the EU’s blacklist of tax havens. The Cayman Islands was removed after it passed the necessary reforms.

The EU list of non-cooperative jurisdictions for tax purposes is a tool to tackle: tax fraud or evasion: illegal non-payment or under payment of tax -tax avoidance: use of legal means to minimise tax liability money laundering and concealment of origins of illegally obtained money

It lists non-EU countries that encourage abusive tax practices, which erode member states’ corporate tax revenues.

The EU list, set up in 2017 after revelations of widespread tax evasion and avoidance schemes, now also includes: American Samoa, Fiji, Guam, Palau, Panama, Samoa, Seychelles and Vanuatu.