EU blacklists 17 tax-havens

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The European Union has put out a list of 17 countries considered to be tax havens and said it may blacklist 47 more countries unless they take measures to counter evasion.

The blacklisted countries would lose access to EU funds and face sanctions from the union.

Multinationals who do business with these countries would face additional disclosure requirements in the EU.

While the list that names and shames do not include any European Countries, British colonies Barbados, Grenada, and Trinidad and Tobago in the Caribbean are included in the list.

American Samoa, Bahrain, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Tunisia and the United Arab Emirates are the other states on the list.

The list comes out a month after the publication of paradise papers that brought out names of many prominent personalities who evaded tax in their respective countries by parking funds in tax havens.

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