Eight Countries Removed From EU Tax Haven Blacklist – Reports

The European Union has lifted eight countries, among which are South Korea and Panama, from its blacklist after they vowed to deal with the bloc’s concerns about offering tax havens for wealthy individuals and corporations, AFP reported.

The United Arab Emirates, Tunisia, Mongolia, Macau, Grenada and Barbados were also removed from the list of countries that encourage tax dodging practices.

READ MORE: EU Could ‘Go After’ UK Tax Haven Territories During Brexit Talks

Only nine jurisdictions currently remain on the blacklist: American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago.

Tax havenThe move of the EU has drawn much criticism as opponents of such decision say that from now on efforts to address the issues of money laundering and tax avoidance will lead to nothing.

The EU calls its listing process beneficial as it “prompted countries to improve their tax systems, in line with international standards,” with many countries closely cooperating with the bloc and making “firm commitments to fix problems identified in their tax

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