EU excludes Jersey, Guernsey and the Isle of Man from money-laundering “white list”

The European Union has recently made a new decision to leave the tax havens off a ‘white list’ of countries having satisfactory controls against money-laundering. Jersey, Guernsey and the Isle of Man were considered as tax havens not deserving a line in a money-laundering “white list”.

The EU has placed Jersey, Guernsey and the Isle of Man on an “intermediate”’ list of financial centres that “may” meet compliance regulations. It goes without saying that this move angered the three jurisdictions claiming that they have done everything possible to put all the necessary affairs in order.

Other two offshore jurisdictions – the British Virgin Islands and the Cayman Islands have been excluded, which means that they are effectively blacklisted.

According to Guernsey’s finance minister Charles Parkinson, the decision to exclude the offshore jurisdictions from the list was a political one and it followed claims from some financiers that other countries of the European Union were not competitive as compared to tax havens.

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