EU: Due to remove 8 jurisdictions from Tax Haven Blacklist

The EU is due to remove 8 countries, including Panama, from a 17 country Tax Haven Blacklist of jurisdictions, which it published in December, according to sources.

Panama have recently signed up to the OECD’s Common Reporting Standard which is an automatic exchange of information programme. This means that later this year, under the OECD’s Multilateral Convention on Mutual Administrative Assistance, it will begin to automatically exchange financial account information. And so, Panama will join 97 other countries which have also signed up to CRS MCAA.

In addition, the other 7 countries which are expected to be removed from the EU blacklist are the United Arab Emirates, Barbados, South Korea, Tunisia, Mongolia, Grenada and Macao.

If the proposal goes ahead, the 8 jurisdictions will be relocated to a so-called grey list, which includes those who have pledged to amend their tax transparency and cooperation rules.