UAE, Bahrain among EU-blacklisted tax havens: report

The United Arab Emirates and Bahrain have been listed among 17 nations blacklisted by the European Union for being "uncooperative" on tax matters, French Finance Minister Bruno Le Maire said on Tuesday, according to the New York Times.

The list of countries includes American Samoa, Barbados, Guam, Grenada, Mongolia, Namibia, Macau, South Korea, Marshall Islands, Palau, Panama, Trinidad and Tobago, and Tunisia.

EU countries in February launched a process to list tax havens in efforts to discourage setting up cover structures abroad, which may be legal, but could be used to hide illegal activities, the NY Times reported. The campaign came after multiple disclosures of offshore tax avoidance schemes by wealthy individuals and companies.

Another 47 jurisdictions are included in a public “grey” list of countries that are currently not compliant with the EU’s standards but are committed to changing their tax rules, Le Maire said.

Blacklisted countries are at risk of losing access to EU funds. Other possible measures will be decided upon in following weeks, Le Maire added, according to the NY Times.