2 Caribbean nations added on EU blacklist
The European Union (EU) added two more Caribbean nations – Anguilla and Barbados to its blacklist of tax havens.
Anguilla and Barbados now join Trinidad and Tobago and the U.S. Virgin Islands on the blacklist.
“Anguilla and Barbados were included in the EU list following peer review reports published by the Global Forum on Transparency and Exchange of Information for Tax Purposes, which downgraded the ratings of Anguilla and Barbados, respectively, to “non-compliant” and “partially compliant” with the international standard on transparency and exchange of information on request (EOIR),” a press release read in part.
The Cayman Islands was removed after it passed the necessary reforms. Cayman was put on the EU blacklist in February this year.
Cayman’s Premier, Alden McLaughlin, welcomed the decision.
“The Cayman government remains committed to good governance standards on this issue and we will continue collaborating with the EU, including through broadening our dialogue to topics of mutual interest.”
On the other hand, the government of Barbados said it is dismayed by the inclusion on the EU’s blacklist.
“Barbados has always been a country that has maintained the highest international standards. However, it is regrettable that it has been made clear that, irrespective of the outcome of Barbados’ request for a Supplementary Review, the new ranking will remain until the next meeting of EU’s Council, in February 2021.”
The Barbados government, through its Ministry of International Business and Industry, confirmed it will be filing a request for a Supplementary Review from the Global Forum on the grounds that the deficiencies identified in its report have already been addressed through the passage of time. Barbados has and continues to demonstrate efficiency.
The renowned list was established in 2017 and now consists of 12 jurisdictions: American Samoa, Anguilla, Barbados, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the U.S. Virgin Islands and Vanuatu.
Blacklisted jurisdictions face higher scrutiny, loss of access to EU funds and damage to their reputations. The EU blacklist is next due for review and possible change in February 2021.