Raymond Doherty 6 Mar 2019 11:32am

EU to triple tax haven black list

The United Arab Emirates (UAE) and the British territory of Bermuda could be included on the European Union’s list of tax havens

The EU is set to add a further 10 jurisdictions to a draft tax haven blacklist, in addition to the five currently featured. Samoa, Trinidad and Tobago and the three United States' territories of American Samoa, Guam and the US Virgin Islands comprise the current list.

According to a report from Reuters, in a meeting today the EU will consider whether to include the UAE and Bermuda. Oman and Caribbean and Pacific islands will be added to the new list as well.

The list was created in 2017 and initially compiled of 17 nations. Institutions within the EU are prohibited from using blacklisted countries for international financial operations.

There is also a grey list which features countries that have committed to making their tax policies compliant with EU standards.