EC: After publishing a “black list” of countries, response is underwhelming

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The European Commission (the EC) released a list of 30 ‘non-cooperative’ jurisdictions last week. On this list, the EC claim that these countries do not meet European standards of transparency, exchange of information, and just tax competition. The list of 30 territories includes Andorra, Monaco, and Guernsey in Europe, Hong Kong and Brunei from Asia and a number of Caribbean havens including the British Virgin Islands and the Cayman Islands.

Various financial centres have issued responses stating their negative attitude towards the list.