The European Union’s blacklisting threat against smaller territories is undemocratic and brutal. It also reveals a fundamental misunderstanding of what Virgin Islands companies do.
Repetition is to be avoided in most walks of life. But where the offshore world is concerned, it appears to be the fulcrum around which the ill-informed are led by the unknowing. In this instance, it is the EU’s turn to go on the offensive, with the bloc effectively threatening sanctions and retribution against the overseas territories, including the VI, which is my adopted home and professional base.
In December 2017 the EU published an initial blacklist of 17 countries which EU finance ministers claimed had refused to co-operate with its crackdown on so-called “tax havens,” and then a series of other nations — including the VI — which were put on a “grey list.”
Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with
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