Antigua fears EU Blacklisting could hurt correspondent banking relationships

The content originally appeared on: Antigua News Room

On 20 February 2024 the EU published an update to its so-called “Blacklist” of jurisdictions that are not cooperative for tax purposes and “Grey List” of cooperative jurisdictions that have not yet fully met their commitments to comply with tax good governance criteria.

Whilst various jurisdictions have been removed from the lists, no new jurisdictions have been added to the Blacklist and the only jurisdictions added to the Grey List were those previously on the Blacklist (see further detail below).

The Bahamas and Turks and Caicos Islands have both been removed from the Blacklist. They had previously been listed for facilitating offshore structures and arrangements aimed at attracting profits without real economic substance.

Belize and Seychelles have been removed from the Blacklist, having been added in October 2023 following a negative assessment by the OECD Global Forum regarding the exchange of information on request. These jurisdictions have been moved to the Grey List pending a supplementary review by the Global Forum.

The EU Blacklist now comprises American Samoa, Anguilla, Antigua and Barbuda, Fiji, Guam, Palau, Panama, the Russian Federation, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu.

Albania and Hong Kong have been removed from the Grey List, having fulfilled their commitments to amend what were previously identified as harmful tax regimes.

Aruba and Israel fulfilled their commitments relating to the automatic exchange of information and have therefore also been removed from the Grey List.

As mentioned above, Belize and Seychelles have been moved from the Blacklist to the Grey List.

Finally, Botswana and Dominica received positive ratings with respect to the exchange of information on request, and have thus been removed from the Grey List.

The EU Grey List now comprises Armenia, Belize, the British Virgin Islands, Costa Rica, Curaçao, Eswatini, Malaysia, Seychelles, Turkey and Vietnam.

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