EU Expands Tax Haven Blacklist with New Additions

The European Union has expanded its blacklist of tax havens, announcing the addition of the Turks and Caicos Islands and Vietnam. This decision was made public by EU finance ministers in a statement released on Tuesday.

According to the statement, the changes aim to enhance tax good governance worldwide. The blacklist now comprises ten countries that have failed to meet the EU's international tax standards or fulfill their commitments within a given timeframe.

Countries on this list may face reputational damage and increased scrutiny of their financial transactions, and they risk losing access to EU funds. The inclusion of jurisdictions such as the U.S. Virgin Islands and Panama underscores the EU's efforts to combat tax evasion and avoidance on a global scale.