EU to remove several countries from Blacklist of Tax Havens

In late 2017, Brussels issued a blacklist of non-cooperative jurisdictions which are not doing enough to tackle tax evasion or to fight money laundering, and a grey list of countries that are not transparent enough to comply with the EU's regulations.

According to an official document, the European Union will remove the United Arab Emirates, and the Marshall Islands from its blacklist of tax havens. The changes will come into force on 10 October.

At the same time, Switzerland will leave the grey list, as the country delivered its commitments to Brussels complying with its standards.

The blacklist, established in 2017, originally included five non-cooperative tax jurisdictions but was later enhanced to list 15 countries: Samoa, Trinidad and Tobago, American Samoa, Guam, the US Virgin Islands, Aruba, Barbados, Belize, Bermuda, Dominica, Fiji, Marshall Islands, Oman, United Arab Emirates, and Vanuatu.