Wed | Mar 21, 2018

New EU list of global tax havens released, 4 Caribbean countries named

Published:Tuesday | December 5, 2017 | 3:47 PM

Four Caribbean Community (CARICOM) countries have been named today in a new list of global tax havens released by the European Union (EU).

EU finance ministers say Barbados, Grenada, St Lucia, and Trinidad and Tobago have been listed among 17 countries on the blacklist of tax havens, after 10 months of investigations by EU officials.

However, the new list excludes a number of British Overseas Territories such as the Cayman Island and Bermuda that were on a previous EU blacklist from June 2015.

Complaints about the methodology of the last list saw it being scrapped and replaced with the new register.

Caribbean countries have in the past been very critical of the EU list, insisting that they have done everything as outlined by various European organisations like the Organisation for Economic Cooperation and Development.

American Samoa, Bahrain, South Korea, Panama, and the United Arab Emirates were also named in the new list.

The countries on the blacklist were accused of not doing enough to crack down on offshore avoidance schemes.

Potential sanctions that could be enforced on members of the list are expected to be agreed in the coming weeks.