European Union (EU) finance ministers agreed to add 10 countries to a blacklist of alleged tax havens, including the United Arab Emirates (UAE) and Bermuda, despite last-minute pushback by some EU nations.
The agreement means the list will now have 15 jurisdictions, triple the number it had before the review. This change comes just over a year after the EU agreed to “name and shame” a small number of nations as part of its efforts to fight opaque practices that facilitate tax avoidance by multinationals and individuals.
The blacklist “has had a resounding effect on tax transparency and fairness worldwide,” EU Economic and Monetary Affairs Commissioner Pierre Moscovici said in a statement. “We are raising the bar of tax good governance globally and cutting out the opportunities for tax abuse.”
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