EU Adds Turks and Caicos Islands and Vietnam to Tax Havens List

European union: EU finance ministers announced that they have placed Turks and Caicos Islands and Vietnam on the EU's list of tax havens and removed Fiji, Samoa, and Trinidad and Tobago, off the list.

According to Qatar News Agency, the list is part of the EU's efforts to promote good tax governance worldwide. It includes countries that do not comply with agreed international tax standards or that have failed to meet their commitments on good tax governance within a specified timeframe.

The union now lists 10 countries as tax havens, these are: American Samoa, Anguilla, Guam, Palau, Panama, Russia, Turks and Caicos Islands, US Virgin Islands, Vanuatu, and Vietnam. Countries placed on this list face greater scrutiny in their financial transactions and risk losing access to EU funds.