European Union finance ministers have added the Turks and Caicos Islands and Vietnam to an EU list of tax havens, and removed Fiji, Samoa and Trinidad and Tobago.
After the changes, the EU now lists 10 countries as tax havens: American Samoa, Anguilla, Guam, Palau, Panama, Russia, Turks and Caicos Islands, US Virgin Islands, Vanuatu and Vietnam.
“The list is part of the EU’s efforts to promote tax good governance worldwide. It is composed of countries which fail to comply with agreed international tax standards or did not fulfil their commitments on tax good governance within a specific timeframe,” the statement released on Tuesday said.
Those on the EU list face reputational damage and higher scrutiny of their financial trades, and risk losing EU funds. — Reuters
