Recently, the European Commission (EC) published a list of 30 ‘non-cooperative’ jurisdictions which it claims to not meet its standards of transparency, exchange of information, and fair tax competition.
The selections were announced unexpectedly with the launch of the EC’s new strategy against corporate tax avoidance between countries. Apparently the statistics are based upon EU members own assessments of non-EU financial centres as of December 2014. Any jurisdiction that appears on a minimum of ten member states’ blacklists is listed on this consolidated list.
The jurisdictions on the list were: Anguilla, Andorra, Antigua and Barbuda, Bahamas, Barbados, Belize, Brunei, Bermuda, Cook Islands, Grenada, Guernsey, Hong Kong, Liechtenstein, Maldives, Marshall Islands, Monaco, Mauritius, Montserrat, Nauru, Panama, Seychelles, St Kitts and Nevis, St Vincent and the Grenadines, the British Virgin Islands, the Cayman Islands, US Virgin Islands, and Vanuatu.
The Cayman Islands’ Financial Services Minister Wayne Panton unfortunate that the EU blacklist unfairly downplays the significant strides made by the Cayman Islands and that the listing was based on comments from countries which were not major trading partners with the country.
Guernsey’s Chief Minister, Deputy Mr Le Tocq, said the list seemed to have been compiled in a rushed manner applied with very arbitrary criteria’. He has written to Moscovici demanding that Guernsey remove from it without delay.
Click here to view which EU countries consider jurisdictions to be non-compliant.