Bahamas waits anxiously for news of EU ‘blacklist’ removal

The Bahamas is still waiting to hear whether it has escaped the European Union’s “blacklist” of jurisdictions that do not, in the eyes of Brussels, conform with the bloc’s standards for tax transparency.

With the initial announcement deadline of 12 April having passed, the deputy prime minister KP Turnquest said yesterday he is hoping “for an indication [from the EU] over the next few days”. The Caribbean jurisdiction is now concerned it now might have to wait until the EU finance ministers’ next meeting on 25 May, before it receives official confirmation of its delisting. The bloc’s finance ministers meet as part of the EU’s Economic and Financial Affairs Council, with whom the final decision rests.

The Bahama’s Turnquest asserted over the weekend that “we have done everything we were supposed to do,” yet the deputy leader pointed out that the Bahama’s short-term future rests with the decision of the EU’s Code of Conduct group.

In a surprise move, the EU group formally blacklisted the Bahamas on 13 March this year, along with St Kitts and Nevis and the US Virgin Islands, as reported by International Investment. The current total of nine jurisdictions also includes American Samoa, Guam, Namibia, Palau, Samoa and Trinidad and Tobago.

Christopher Copper-Ind
Christopher Copper-Ind is Publisher and Editor of International Investment.

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