According to the European Union, the Bahamas and Seychelles are no longer tax havens. The EU Council of Ministers removed the islands from the blacklist on Tuesday. The British Overseas Territory of the Turks and Caicos Islands and the Central American country of Belize are also no longer included.
The European list of non-cooperative territories now includes twelve countries and territories. These include the Fiji Islands, Panama and the US Virgin Islands. A year ago, the EU also accepted Russia because tax cooperation had come to a standstill since the attack on Ukraine.
The EU updates its list every six months. It was founded in late 2017 after a series of international financial scandals. This included the so-called Panama Papers and the Lux Leaks, which shed light on questionable tax practices by companies and wealthy private investors. If listed on the stock exchange, there is a risk that assets in the EU will be frozen.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
