EU to roll out sanctions against blacklisted jurisdictions

The EU has approved a plan to impose financial sanctions on countries or jurisdictions on the bloc's tax haven blacklist by the end of 2020. The current EU blacklist was first drawn in 2017 and lists over 60 states, many of whom lobbied intensely to be removed, which in effect requires the recognition of token "progress" in measures taken to improve their tax regime. In September, the International Monetary Fund (IMF) listed the Netherlands, Luxembourg and Ireland, as world-leading tax havens, together with Hong Kong, Singapore, and Switzerland, and a number of British overseas jurisd...