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European Union finance ministers adopted a blacklist of tax havens, which includes 17 extra-EU jurisdictions seen as not cooperative on tax matters, Reuters reported.

The black list includes American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates.

Blacklisted countries could lose access to EU funds. Other possible countermeasures will be decided in coming weeks, French Finance Minister said.

Le Maire said that other 47 jurisdictions are included in a public “gray” list of countries that are currently not compliant with EU standards but have committed to change their tax rules.

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