At its meeting on 5 December 2017 the Council of the European Union, agreed a list of 17 countries that had been agreed not to be sufficiently fiscally transparent, which do not comply with international standards of information exchange or which have harmful tax practices or have tax rates which encourage artificial tax structures.
In the words of the European Union:
“The list is part of the EU's work to fight tax evasion and avoidance and aims to create a stronger deterrent for countries that consistently refuse to play fair on tax matters. The overall goal of the EU list is to improve tax good governance globally, and to ensure that the EU's international partners respect the same standards as EU Member States do.”
The announcement and links to all the other documents can be accessed on the Commission website at Common EU list of third country jurisdictions for tax purposes
In the accompanying Press Release the Tax Commissioner, Pierre Moscovici, stated:
"The adoption of the first ever EU blacklist of tax havens marks a key victory for transparency and fairness. But the process does not stop here. We must intensify the pressure on listed countries to change their ways. Blacklisted jurisdictions must face consequences in the form of dissuasive sanctions, while those that have made commitments must follow up on them quickly and credibly. There must be no naivety: promises must be turned into actions. No one must get a free pass."
The 17 countries that have been listed are:
Trinidad and Tobago
United Arab Emirates
There are a further 47 countries that will be listed if they do not meet the relevant criteria by the end of 2018 or the end of 2019 in the case of developing countries which don’t have financial centres.