Posted: Monday, November 4, 2019. 10:24 am CST.
By Aaron Humes: According to Reuters, European Union finance ministers are set to remove the Central American country of Belize from the bloc’s blacklist of tax havens in a meeting this week. The decision, outlined in an EU document, is to be formally adopted on Friday.
The decision to remove Belize comes after years of amendments to local legislation to appeal to European authorities concerned about a level playing field in the financial services and offshore banking sector, which has been hit hard by the closure of Choice Bank and Atlantic International Bank Limited in separate scandals.
Eight jurisdictions are expected to remain on the list, Reuters reported. They are: Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three U.S. territories of American Samoa, Guam, and the U.S. Virgin Islands.
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