The European Union added ten countries and territories to its blacklist of tax havens, including the United Arab Emirates, with Cape Verde remaining on the “grey list,” according to official information released in Brussels.
European finance ministers approved the return of the United Arab Emirates, Barbados and Marshall Islands to the blacklist for failing to honor their commitments, as well as the inclusion of Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica.
“Following the listing process, dozens of countries have adjusted their tax regimes to international standards of transparency,” said European Commissioner for Financial Affairs Pierre Moscovici.
Meanwhile, Macau moved off the tax haven grey list in the latest update and is now no longer among the EU’s list of jurisdictions to monitor. Previously the territory had been added to the blacklist in December 2017 before moving to the grey list the following month.