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European Union to remove Panama, UAE, five others from tax haven blacklist

The official said the countries removed from the list now move to the EU's so-called "grey list" countries

AFP | PTI  |  Brussles 

European Union, Panama, EU, tax haven blacklist
European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany

The will remove Panama, and six other countries from its recently unveiled tax blacklist at a meeting of finance ministers next week, a official said on Tuesday.

"Barring a major surprise, finance ministers should remove eight countries from the blacklist of tax havens," the official told AFP on condition of anonymity.

The United Arab Emirates, Tunisia, Mongolia, Macau, Grenada and are also to be struck from the list.

The reversal comes just a few weeks after the announced an original blacklist of 17 non-EU states, which drew the furious reaction from several of the states targeted.

The official said the countries removed from the list now move to the EU's so-called "grey list", countries that have made unspecified commitments to the EU on reforming their tax laws.

The lists came a year on from the leak of the "Papers" -- a massive amount of data from a prominent Panamanian law firm showing how the world's wealthy stash assets.

"This is a worrying trend. Just one month after adopting the list they are taking people off," Aurore Chardonnet, an EU tax policy advisor at Oxfam, told AFP.

"They are weakening the credibility of the list... which is becoming empty," she added.

Saint Lucia, Trinidad and Tobago, as well as Bahrain, Guam, the Marshall Islands, Palau, Samoa, American Samoa and Namibia remain on the blacklist.

First Published: Wed, January 17 2018. 01:17 IST