Yesterday, European Union disclosed its first blacklist. The list contains the names of countries which are tax heavens for people earning and saving money illegally. EU will not be having any transactions with these countries. The list has 17 names including countries such as Saint Lucia, Barbados and South Korea.
Apart from publishing the blacklist, EU has also published a watchlist for 47 countries promising them to change their regulations and rules in order to suit EU’s standards and terms.
The Grey List issued by EU mentions many UK friendly countries and territories such as Turkey, Hong Kong, Switzerland etc. However, both black and grey lists are being criticized for not mentioning the real culprits.
On the disclosing of the lists, EU tax commissioner Pierre Moscovici said that the list is a small step forward. It is the first list by EU and hence a bit insufficient to respond the worldwide tax evasion attempts.