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:
- American Samoa
- Anguilla
- Antigua and Barbuda
- Fiji
- Guam
- Palau
- Panama
- Russia
- Samoa
- Trinidad and Tobago
- US Virgin Islands
- 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.
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