EU takes Panama, seven others off tax haven list … Namibia remains on the blacklist

The EU removed eight countries including Panama from its new tax haven blacklist today after they pledged to address its concerns, in a move swiftly condemned by activists.

The United Arab Emirates, Tunisia, Mongolia, Macau, Grenada and Barbados were also lifted from the list by finance ministers, in a move that comes just weeks after the bloc unveiled its original list of 17 non-EU nations. The decision drew criticism from campaigners including Oxfam who say the EU's commitment to tackle tax avoidance after the 'Panama Papers' leak last year has now been watered down. The eight countries will now be on a "grey list" of countries that have made unspecified commitments to the EU on reforming their tax laws.The blacklist now covers just nine jurisdictions: American Samoa, Bahrain, Guam, Marshall Islands, Namibia, Palau, Saint Lucia, Samoa and Trinidad and Tobago.