Four Caribbean Countries Included in EU Adopted Black List

Four Caribbean Countries Included in EU Adopted Black List

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Bruno Le Maire, France's finance minister, pauses during an interview in Paris, France, on Friday, Aug. 4, 2017. Le Maire said the French governments 10 billion-euro ($12 billion) divestment program will take years to execute and hes working on identifying which assets will be sold. Photographer: Dario Pignatelli/Bloomberg via Getty Images

Four Caribbean countries have been included in a recently released blacklist which was adopted by the European Union on Tuesday.

The blacklist of tax havens includes 17 extra-EU jurisdictions seen as not cooperative on tax matters.

The Caribbean countries added to the countries listed are Grenada, Trinidad and Tobago, Barbados, Saint Lucia. Other international jurisdictions include American Samoa, Bahrain, , Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Samoa, , Tunisia and United Arab Emirates

French Finance Minister Bruno Le Mairesaid that other 47 jurisdictions are included in a public “gray” list of countries that are currently not compliant with EU standards but have committed to change their tax rules.

Following multiple disclosures of offshore tax avoidance schemes by companies and wealthy individuals, EU states launched a process in February to list tax havens in a bid to discourage setting up shell structures abroad which are themselves in many cases legal but could hide illicit activities.

Blacklisted countries could lose access to EU funds. Other possible countermeasures will be decided in coming weeks, Le Maire said.

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