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Removal from the EU’s Tax Watch List Confirms The Bahamas Has...

Acting Prime Minister the Hon. K. Peter Turnquest explained that the removal of The Bahamas from the European Union's (EU) tax watch list is confirmation that The Bahamas has implemented the necessary reforms to meet the EU criteria on tax governance and cooperation on tax matters. “It is confirmation that The Bahamas’ financial services industry is stable and governed by a sound regulatory regime,” the Acting Prime Minister added as he brought remarks at the Bahamas Financial Services Board Industry Development Series: ‘Financial Crimes Enforcement, Compliance and Risk Management’ at the British Colonial Hilton, Wednesday, February 19, 2020.

At their meeting in Brussels this week, the EU’s Economic and Financial Affairs Council completely removed The Bahamas from its List of Non-Cooperative Jurisdictions for Tax Purposes. The Acting Prime Minister noted that in March last year, The Bahamas was placed on the EU’s Annex II “greylist”.  “While different from the more serious Annex I “blacklist”, The Bahamas was still subject to ongoing monitoring by the EU with respect to the implementation of economic substance requirements. “With the EU’s decision this week, The Bahamas has addressed all of the concerns on economic substance, removal of preferential exemptions and automatic exchange of tax information.”