ECOFIN Renews Its List Of Uncooperative Jurisdictions

The Economic and Financial Affairs Council (ECOFIN) held a meeting in Luxembourg on 2 October 2018 during which the list of uncooperative jurisdictions (so-called “blacklist”) was revised.

Two Jurisdictions Delisted from Annex II

Annex II includes jurisdictions that have undertaken sufficient commitments to reform their tax policies. Those jurisdictions will be carefully monitored by the ECOFIN working group to implementing their commitments. Liechtenstein and Peru are removed from annex II of EU blacklist since they have completed the necessary reforms to comply with all the tax good governance principles identified at EU level and set out in the conclusions adopted by the Council in December 2017.

One Jurisdiction to Be Moved to Annex II

Palau has made commitments at a high political level to remedy EU concerns. After EU experts have assessed those commitments, Palau is moved from annex I of the conclusions to annex II.

In principle, the EU blacklist shall be revised at least once a year. But the ECOFIN working group can recommend an update at any time. On 29 May 2018, the Council removed Bahamas, Saint Kitts and Nevis from the Annex I. After this meeting, six jurisdictions remain on the blacklist: American Samoa, Guam, Namibia, Samoa, Trinidad and Tobago and the US Virgin Islands.

Source: European Council

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