Huge leak reveals elite's secret assets

The European Union has blacklisted 17 international locations and territories as a part of a crackdown on tax havens.

South Korea, Barbados, Saint Lucia, Bahrain, Panama and the United Arab Emirates are among the many international locations named Tuesday as “non-cooperative jurisdictions for tax functions.”

The EU stated they face potential punitive measures associated to “international coverage, financial relations and growth cooperation.”

The penalties may embrace particular documentation necessities and withholding tax measures. EU states have additionally been advised to conduct audits and monitor transactions with these international locations.

The blacklisted international locations are accused of behaving like tax havens. Which means they promote unfair tax practices, or do not share necessary monetary data with the EU.

Dozens extra international locations averted censure by pledging to enhance their tax guidelines, transparency and knowledge sharing.

The screening of some Caribbean nations, together with the British Virgin Islands, was placed on maintain due to harm brought on by hurricanes within the area. The EU stated they may very well be included in an up to date record.

Related: Dodging taxes isn’t the only reason the rich stash cash offshore

The EU has stepped up its efforts to fight tax avoidance lately after a number of excessive profile examples had been made public.

The newest revelations got here within the Paradise Papers, a set of leaked paperwork that confirmed how companies, authorities leaders and distinguished individuals use offshore accounts to keep away from taxes or in any other case disguise possession of property.

The EU proposed new guidelines final yr that might power multinational firms that function within the bloc to reveal details about their operations in tax havens and summarize how a lot tax they pay in international locations all over the world.

It has additionally taken authorized motion in opposition to main companies together with Amazon (AMZN, Tech30) which were accused of owing back taxes.

EU member states weren’t thought-about for the record. The bloc has beforehand accused the Netherlands and Ireland of granting particular tax therapy to Starbucks (SBUX) and Apple (AAPL, Tech30), respectively.

Oxfam lamented that some infamous tax havens — the Cayman Islands, Bermuda and Jersey — averted the blacklist. Some did so by promising to wash up their act.

“Though we acknowledge it is a step in the proper path, if EU leaders let too many tax havens off the hook we’ll all lose out,” stated Oli Pearce of Oxfam. “Tax dodging means much less cash obtainable for healthcare, schooling and the combat in opposition to poverty.”

The EU says it’ll replace the record no less than yearly. This is the total record of jurisdictions on the blacklist:

  1. American Samoa
  2. Bahrain
  3. Barbados
  4. Grenada
  5. Guam
  6. South Korea
  7. Macao
  8. Marshall Islands
  9. Mongolia
  10. Namibia
  11. Palau
  12. Panama
  13. Saint Lucia
  14. Samoa
  15. Trinidad and Tobago
  16. Tunisia
  17. United Arab Emirates

CNNMoney (London) First revealed December 5, 2017: 12:47 PM ET