In December 2017, as a consequence of events that have happened in the past few years along with the Panama Papers scandal, the European Union released a list of countries which do not co-operate in the correct tax collection procedures, are considered tax havens and, hence, are on the so-called black list with the main offence being a lack of will to implement tax evasion precautions such as information exchange and tax transparency.
Out of the 17 countries only seven remain on the list; they are American Samoa, Guam, Namibia, Palau, Samoa, Trinidad and Tobago and U.S. Virgin Islands. The recently excluded countries are the Bahamas and Saint Kitts and Nevis, which were transferred to the so-called “grey list”, which includes countries which commit themselves to change their attitudes towards EU tax requirements and are, therefore, closely watched by the EU authorities. Except for the above, the “grey list” includes dozens of other countries
