This year, the EU identified jurisdictions with strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system, “high-risk third countries” such as Barbados, the Cayman Islands, Haiti, Iran, Jamaica, Jordan, Morocco, Myanmar, Nicaragua, Pakistan, Panama, the Philippines, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Zimbabwe.
So where are the UK, Switzerland, China, Hong Kong, India, Russia and Ukraine? Where is Venezuela,
a narco-state? Where is
the Netherlands, a country where a parliamentary investigation found that billions of dollars are laundered and tax evasion cost billions in lost revenue? Why is not a single EU member country or their most influential trading partners listed?
The
Tax Justice Network in a 2020 report revealed that tax abuse by multinationals and individuals was costing countries $427 billion a year in lost revenues. The five jurisdictions most responsible, it said, were the British overseas territory Cayman Islands, the UK, the Netherlands, Luxembourg and the US.