The Diplomat
The Gibraltarian Government yesterday welcomed the decision of the European Commission to remove Gibraltar from the list of tax havens adopted on Thursday.
The British colony’s Minister for Justice, Trade and Industry, Nigel Feetham, said the news “represents further validation of Gibraltar’s position as a reputable and trustworthy jurisdiction on a global scale.”
“We are grateful for this recognition and remain steadfast in our efforts to maintain and enhance the prestige of our jurisdiction in the international community,” he added.
The European Commission deleted Gibraltar, along with Barbados, the United Arab Emirates (UAE), Panama and Uganda from the list of high-risk third countries for the financial system of the European Union, in line with the decision adopted recently by the Group of Financial Action Action (FATF), which was also followed by the automatic exclusion of the United Kingdom.
The Commission reviewed progress in addressing strategic deficiencies in Barbados, the United Arab Emirates, Gibraltar and Uganda, and concluded that these territories no longer pose a significant threat to the international financial system.
Although the FATF removed Panama from its list in October 2023, the EU continued to identify it as a high-risk third country due to new strategic deficiencies.
However, the available sources of information have now allowed the Commission to conclude that Panama no longer presents strategic deficiencies in its framework nor does it pose a significant threat to the EU financial system.
