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EU adds UAE, 9 other jurisdictions to tax haven blacklist

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EU adds UAE, 9 other jurisdictions to tax haven blacklist

The European Union updated its list of non-cooperative tax jurisdictions, adding the United Arab Emirates and several others that now face restrictions on EU funding.

The European Commission said its tax haven blacklist now also includes Barbados, the Marshall Islands, Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica.

American Samoa, Guam, Samoa, Trinidad and Tobago, and the U.S. Virgin Islands also remain on the list.

Blacklisted jurisdictions are those that have declined to engage with the EU or to address shortcomings on tax good governance. Another 34 countries are also part of the EU's so-called gray list and will continue to be monitored in 2019, the Commission said.

The Commission said EU funds are prohibited from being channeled or transferred through entities in countries on the tax haven list. EU member states can also apply agreed-upon countermeasures against blacklisted jurisdictions.