Cayman cleared, but concerns remain — European Union blacklist released

EU adds Aruba to tax haven list

As part of its efforts to crack down the transfer of illicit funds, the European Union broadened its blacklist of tax heavens during an Economic and Financial Affairs Council (ECOFIN) meeting of the bloc's finance ministers in Brussels on 12 March where they added the United Arab Emirates, Aruba, and Bermuda to a list of flagged nations that was set up in December 2017.

The expanded list includes five countries who have not met the EU's demands since the first blacklist-American Samoa, Guam, Samoa, Trinidad and Tobago and the US Virgin Islands-and ten which were moved from the grey list to the blacklist: Barbados, Marshall Islands, the United Arab Emirates, Aruba, Belize, Bermuda, Dominica, Fiji, Oman and Vanuatu.

Those ten jurisdictions did not implement the commitments they had made to the European Union by the agreed deadline.

Subscribe now to our eNATION edition.

The EU Commission creates the list based on tax transparency, good governance, real economic activity, and the existence of a zero corporate tax rate.

Sylvia Oliveira, Director, Bermuda International Long Term Insurers & Reinsurers (BILTIR), added:"The government of Bermuda assures us it is working at the highest levels to rectify the unfortunate placement of Bermuda on the EU's list of non-cooperative jurisdictions". It was drawn up after revelations of widespread tax-avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Uber plans to kick off IPO in April
The former previously invested in Uber and in 2018 made a $2.25 billion investment in General Motors' self-driving auto division. SoftBank Group and Toyota Motor are leading a group of investors in talks to invest $1 billion or more into the unit.

Out of 15 countries blacklisted, 10 were on the grey list before, the commission underlined. The EU listing process has also created a framework for dialogue and cooperation with the EU's worldwide partners, to address concerns with their tax systems and discuss tax matters of mutual interest.

The EU conceived the idea of this blacklist in December 2017 and the screening will now be enhanced, officials stated.

The EU's struggle to agree on the common list of alleged tax havens came just a week after the bloc's members rejected another blacklist on likely money-laundering hotspots and highlights the degree to which lobbying and national trade interests interfere with EU action against questionable financial practices. A final decision will be made by finance ministers at a meeting today.

The UAE has made outstanding achievements in 2018, in line with its commitment to transparency and global tax standards, where it joined in May 2018 the Inclusive Framework on the BEPS program to become the 116th jurisdiction to join this framework.

The countries already on the blacklist? "We are raising the bar of good tax governance globally and cutting out the opportunities for tax abuse", Moscovici said.

Related News:

  • UEFA Europa League quarter-final draw

    UEFA Europa League quarter-final draw

    It means the two remaining English clubs can not then meet each other until the final in Baku on May 29. The winners of the first quarter-final will play the winners of the second in the semi-finals.
    Steelers Sign WR Donte Moncrief

    Steelers Sign WR Donte Moncrief

    Just don't try to tell Moncrief, who signed a two-year deal worth approximately $10 million, he's now the replacement for Brown. The Steelers made an addition to that 2019 offense late on Wednesday night.
    Billionaire Peltz joins Aurora Cannabis to advise on partnerships, expansion

    Billionaire Peltz joins Aurora Cannabis to advise on partnerships, expansion

    Equities research analysts predict that Aurora Cannabis will post -0.17 earnings per share for the current fiscal year. Year-to-date, ACB has gained 75.00%, versus a 12.56% rise in the benchmark S&P 500 index during the same period.
  • Mercedes looks stiff and hard  to drive, according to Red Bull

    Mercedes looks stiff and hard to drive, according to Red Bull

    Mercedes and Ferrari were split by less than a tenth of a second, with Max Verstappen just an additional tenth back for Red Bull . When Daniel Ricciardo dropped the bombshell that he was joining Renault in 2019, it was panic stations for Red Bull .
    New Zealand mosque gunman published manifesto, livestreamed shooting

    New Zealand mosque gunman published manifesto, livestreamed shooting

    British tabloid newspapers such as The Daily Mail and The Sun posted screenshots and video snippets on their websites. Peneha, who lives next door to the mosque, said after the gunman drove away, he went into the mosque to try and help.
    News FIA F1 Race Director Charlie Whiting passes away

    News FIA F1 Race Director Charlie Whiting passes away

    Whiting suffered a pulmonary embolism on Wednesday morning where he was on hand to oversee the annual Melbourne Formula One debut. This role saw Whiting oversee circuit and vehicle safety, technical and procedural affairs over the course of a Grand Prix event.
  • Fed, Nadal, steam into Indian Wells last eight

    Fed, Nadal, steam into Indian Wells last eight

    Kecmanovic got into the main draw when world No.6 Kevin Anderson withdrew before his opening match with an elbow injury. Federer , who was playing the British number one for the first time, won 6-1 6-4 in one hour and four minutes.
    New Zealand shooting: suspect Brenton Tarrant in court charged with murder

    New Zealand shooting: suspect Brenton Tarrant in court charged with murder

    One Saudi citizen was killed and another wounded, according to Saudi-owned Al-Arabiya television news channel. NZ Police closed the Christchurch court to the public over security concerns, but media was able to attend.
    Australian Senator Blames NZ Shooting on 'Growing Fear of Muslims' Presence'

    Australian Senator Blames NZ Shooting on 'Growing Fear of Muslims' Presence'

    A "racist" Australian senator has been condemned after he blamed the New Zealand terror attack on Muslim immigration. Anning's statements echo messaging that the shooter himself says he was influenced by.
  • Raonic ends Kecmanovic run, reaches Indian Wells semi-finals AFP, Indian Wells

    Raonic ends Kecmanovic run, reaches Indian Wells semi-finals AFP, Indian Wells

    She won her third career title at Dubai last month and her first since 2015. "She changed the rhythm a little bit", Kerber said. Andy Bettles, Svitolina's coach, told his player "She's dying physically" during the break after the fifth game of the set.
    Kiwi climate change minister assaulted

    Kiwi climate change minister assaulted

    The attacker used Shaw's name during the attack, indicating he knew who Shaw was, a Green party spokesman said. Shaw later went to hospital as a precaution due to it being a head injury, but is now home with his partner.
    Happy Pi Day! Start Ciphering Or Eating, Whichever You Choose

    Happy Pi Day! Start Ciphering Or Eating, Whichever You Choose

    According to the day's organizers , Pi is a constant number, meaning that for all circles of any size, Pi will be the same. Pie is round, and pi is a mathematical ratio that represents a circle's circumference to its diameter.


Most liked

Huawei's new patent shows smartphone with a secondary display on the back
After the Nova 3 fake selfies, you would think Huawei would have learned its lesson when marketing a new device. One of these is the usual primary sensor while the second is rumored to be a wide-angle alternative.

What happened to Bernie Sanders’ head in SC ?
In card check, union organizers ask workers to sign cards affirming that they support a union. Working on political campaigns at any level often involves grueling hours and low pay.

New Zealand mosque shooting: Terror attack suspect Brenton Tarrant appears in court
Rhetoric of racism, division and extremism has no place not only in New Zealand but I would say in a society as a whole". Leaders around the world expressed sorrow and disgust at the attacks, with some deploring the demonisation of Muslims.

Pasir Gudang pollution crisis: No need to declare emergency - PM
While investigations into the incident are proceeding, the authorities arrested three men for dumping toxic waste in the water. On 11 March, a second wave of methane poisoning took place a few hours after the two schools reopened.

New Developments with Operational Updates in Artificial Intelligence in Medicine Market
Any changes from United States might affect the development trend of Artificial Intelligence Software System. The Artificial Intelligence for Healthcare Applications Market for major regions is given.

United Kingdom watchdog puts Brexit war chest at £26.6b
Earlier yesterday, the government unveiled plans for temporary tariffs if the United Kingdom crashes out without a deal. Last night's vote leaves a cloud of uncertainty hanging over our economy.

Liberal MPs shut down SNC committee before vote on recalling Wilson-Raybould
Most of the justice committee members are Liberal MPs, which gives them a lot of control over how the proceedings unfold. During their testimonies, they called into question Wilson-Raybould's interpretation of events.

Young Canadian player of Romanian origin reaches Indian Wells semifinals
And I think that's a big part of the reason the success has been on such a big ascent over the last few years", he said. The Andreescu and Raonic matches finished nearly simultaneously, as their compatriot Shapovalov was still on court.

Bryce Harper hit by pitch in foot, leaves game
Harper stayed on the ground for a few moments, was checked by a trainer and limped off and out of the game in the sixth inning. However, Kapler spoke after the game stating per Meghan Montemurro that " We don't have reason for concern " at this time.

Mueller, in U.S. court filing, says multiple probes continue
The same office is also investigating lobbying for Ukraine in which Gates was involved. District Judge Amy Berman Jackson on whether Gates can proceed to sentencing.

Manchester City may be handed two-transfer window ban for breaking rule
Manchester City are set to be hit with a two-window transfer ban by Federation Internationale de Football Association . Reports claimed that City had a secret deal with Vernon that the club will have first refusal over both prospects.

Te'o starts as England make five changes for Italy
Meanwhile, Jones has opted to combine Te'o and Tuilagi together for the first time from the start of a Test. With Italy you've got to expect anything and that's exactly what we're thinking about.

Jarrett Jack Accused Of Giving Georgia Tech Recruits Strip Club Money
The notice of allegations doesn't explicitly name Pastner or blame him, though the alleged violations occurred on his watch. Current head coach Josh Pastner has not been charged with any violations, his attorney told the Journal-Constitution.

Many dead in New Zealand shooting at two mosques during Friday prayers
One man who said he was at the Al Noor mosque told media the gunman was white, blond and wearing a helmet and a bulletproof vest. Muslims account for just over 1 percent of New Zealand's population, a 2013 census showed, most of whom were born overseas.

New Zealand Shooting: Man, 28, Appears In Court After Mosque Attacks
At least 49 people were killed at two mosques full of worshipers attending Friday prayers in Christchurch, New Zealand . Health officials said 48 other people were being treated at Christchurch Hospital for gunshot wounds.