The European Union is taking eight countries and jurisdictions off its tax avoidance blacklist after they made commitments to meet EU requirements.
Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates were removed after agreeing to tighten their tax laws.
French Finance Minister Bruno Le Maire said on Tuesday that the fresh commitments show “that European pressure is effective.”
Up until now, the system has centred on naming and shaming but Mr. Le Maire called for tougher action. He said, “Naming and shaming will not be enough. There also must be sanctions.”
The nations now move on to a grey list of over 40 countries and jurisdictions which will be monitored closely.
