BRUSSELS, Belgium – A decision by European Union tax experts to blacklist St Kitts and Nevis, The Bahamas and US Virgin Islands is set to be endorsed by EU finance ministers at a regular monthly meeting next Tuesday. The 28-member EU bloc is also expected to delist Bahrain, the Marshall Islands and Saint Lucia.
The initiative was started immediately upon ratification by the EU Parliament with the explicit intent of investigating financial crimes, tax evasion and avoidance.
The other six remaining EU blacklisted countries are American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago that will now be in addition to St Kitts and Nevis, The Bahamas and US Virgin Islands.
Blacklisted jurisdictions could face reputational damage and stricter controls on their financial transactions with the EU, although no sanctions have been agreed by EU states.
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