The European Union removed the Caribbean Island state of Dominica from its tax haven blacklist on Friday.
This incidence occurred after the country addressed concerns that it was facilitating tax avoidance, leaving a total of 11 jurisdictions on the list.
“Dominica has implemented its commitments and addressed EU concerns as regards automatic exchange of financial information,’’ the bloc’s finance ministers said in a statement.
The country has also taken steps outlined by the Organisation for Economic Cooperation and Development, they added.
“This step warrants Dominica’s removal from the EU’s list of non-cooperative jurisdictions,’’ the statement said.
The remaining 11 jurisdictions on the list are; American Samoa, Belize, Fiji, Guam, the Marshall Islands, Oman, Samoa, Trinidad and Tobago, the United Arab Emirates, the U.S. Virgin Islands and Vanuatu.
The EU’s blacklist system was set up in 2017 as part of a broader crackdown on tax avoidance following revelations such as the Panama Papers and Paradise Papers on the use of legal loopholes for firms and individuals to avoid paying taxes.