Following months of discussions, EU finance ministers agreed on a new list of non-cooperative jurisdictions, members of which could face sanctions including fines and trade restrictions.
Being blacklisted would also carry a reputational risk and probably discourage inward investment. Jersey and Guernsey were among 92 jurisdictions that were being considered for addition.
The 17 countries which have been added to the final list are American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates.
A further confidential ‘grey list’ of jurisdictions is also believed to have been created.
In response to the news, Chief Minister Ian Gorst said the decision not to blacklist Jersey reflected its ‘commitment to the highest standards of tax transparency and information exchange’.
Guernsey is also not on the list.
