The European Council agreed to remove eight jurisdictions from its Non-Cooperative Jurisdiction List, based on an expert assessment by the Code of Conduct Group that commitments made by these jurisdictions to address deficiencies identified by the EU may justify the delisting decision. The alleged EU Blacklist was issued by the EU Council on December 5, 2017, and the countries contained may commit to meet the EU criteria to be delisted.
By delisting Panama, South Korea, the United Arab Emirates, Barbados, Grenada, Macao SAR, Mongolia and Tunisia, the blacklist is halved with 9 jurisdictions left. The jurisdictions remaining on the list are strongly encouraged to make the changes requested, or the EU and the member states could apply defensive measures. Although the list is to be revised at least once a year, the Code of Conduct Group can recommend an update at any time. “Our listing process is already proving its worth,” according to Vladislav Goranov, minister for finance of Bulgaria which is the current Council presidency.
The list has raised several critiques since its issuance. On the one hand, it is blamed for excluding EU countries thus less convinced; on the other hand, some parties criticised the criteria relied by the Council to screen the jurisdiction in a manner that should be more impartial. For example, US disputed early this month that Guam and American Samoa were not supposed to be included. But these two jurisdictions are not included in the delisting scope.
Source: EU Council
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):