EU blacklist comes up short on sanctions

By Tom Carnegie, 5 Dec 17

The EU has blacklisted 17 jurisdictions, including South Korea and the United Arab Emirates, and put 47 others on notice including Jersey and the Cayman Islands, but it has not said what sanctions or penalties those shamed will face.

Eight jurisdictions to be dropped from EU tax haven blacklist

discard blacklist

Islands respond

Both Guernsey and Jersey have already responded to the blacklist announcement, saying it reaffirms their positions and cooperative jurisdictions.

Guernsey finance chief executive Dominic Wheatley said it was “no surprise” that the island had been endorsed as a cooperative international finance centre by the EU.

“We are committed to the highest international standards of compliance, tax transparency and neutrality, and were always confident in the outcome of this process,” Wheatley said.

While chief minister for Jersey Ian Gorst said: “We cooperated fully… throughout the screening process, and have actively pursued a good neighbour policy in our relations with the EU. These positive interactions have borne fruit.”