ARTICLE
23 September 2024

Bahamas, Belize, Seychelles, And Turks And Caicos Islands Removed From EU Council Non-Cooperative Tax Jurisdictions List

CS
Chevalier & Sciales

Contributor

Chevalier & Sciales is a Luxembourg law firm, founded in 2005, offering specialized expertise in a broad range of areas. These encompass investment funds, tax, litigation, arbitration and dispute resolution, banking, finance and capital markets, corporate transactions, and private wealth management.
The Council of the European Union recently updated its list of non-cooperative jurisdictions for tax purposes on 20 February 2024, which saw the removal of the Bahamas, Belize, Seychelles, and the Turks and Caicos Islands.
European Union Government, Public Sector

The Council of the European Union recently updated its list of non-cooperative jurisdictions for tax purposes on 20 February 2024, which saw the removal of the Bahamas, Belize, Seychelles, and the Turks and Caicos Islands. These changes reflect each jurisdiction's commitment to adhering to international standards for tax transparency, fair taxation, and the implementation of measures to prevent tax base erosion and profit shifting (BEPS).

A crucial aspect of these jurisdictions' compliance efforts has been their enhancement of Anti-Money Laundering (AML) regulations. AML measures are vital for combating financial crimes and ensuring the integrity of the international financial system. By strengthening their AML frameworks, these countries have addressed the EU's concerns regarding the prevention of money laundering and terrorist financing, which are closely linked to tax evasion and avoidance practices.

The updated list of non-cooperative jurisdictions highlights the ongoing global effort to maintain global tax governance standards, transparency, and fairness. The European Union continues to work with international partners to promote compliance and cooperation in the field of taxation.

As of this latest update, the EU's list now comprises 12 countries that are still under scrutiny for their tax practices and AML frameworks. These jurisdictions include:

  1. American Samoa
  2. Anguilla
  3. Antigua and Barbuda
  4. Fiji
  5. Guam
  6. Palau
  7. Panama
  8. Russia
  9. Samoa
  10. Trinidad and Tobago
  11. US Virgin Islands
  12. Vanuatu

These developments encourage other jurisdictions to continue improving their regulatory frameworks to meet international standards and avoid being listed as non-cooperative by the EU and other global entities. The next revision of the list is scheduled for October 2024.

Should you have any inquiries or require expert guidance pertaining to the information provided, our investment management team is available to assist you. Please feel free to contact us.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More