EU Parliament questions removal of countries from tax haven blacklist, based only on non-binding letters and assurances

​During Thursday’s European Parliament debate, Members of Parliament for Europe (MEPs) questioned EU finance ministers over their removal of several countries from the tax haven blacklist in January. Out of a list of 17 countries that was published last year December, the EU removed eight countries – Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates – onto a “grey list” after receiving commitments from them to reform their tax policies.
 
On Thursday, MEP yesterday, led by German MEP Wener Langen, stated, “The Council’s decision is inappropriate… The Council should not decide based on non-binding letters and assurances, but only on facts, which states should be removed from the list and finally consider which EU member states should be added to the list.” His views were echoed by several MEPs during the debate leading to the vote to set up a new committee to build on the work of TAXE 1 and 2 and the PANA inquiries to support the efforts of the TAXE 3.
 
The EU Parliament’s ‘conference of presidents’, made up of the leaders of political groups, voted to set up the 45-strong TAXE 3 committee to focus on financial crimes, tax evasion and tax avoidance, which will run for 12 months.