Tax havens are blacklisted by EU

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But at least 4 countries and territories - Panama, Samoa, Guam and the Marshall Islands - are likely to be removed from the list as they have promised to implement reforms at the last minute.

Others may follow as the group considers any further pledges received by Monday evening. On top of agreeing on the final blacklist, there were also considerations being made for the Caribbean countries that had been damaged during hurricanes earlier this year.

Andorra, Armenia, Aruba, Belize, Botswana, Cape Verde, Cook Islands, Curaçao, Fiji, Hong Kong SAR, Jordan, Labuan Island, Liechtenstein, Malaysia, Maldives, Mauritius, Morocco, Niue, St Vincent & Grenadines, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay, and Vietnam. "If countries [implement] them, they won't be part of the tax list". Countries' inclusion is based on whether a state gives preferential treatment to companies enabling them to move profits to avoid charges. "We must not accept unfair tax competition and opacity".

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EU finance commissioner Pierre Moscovici had called for countries to "rapidly adopt a European tax haven list" in light of the Panama Papers revelations, as well as arguing that such a list should be enforced with "credible and meaningful" sanctions. "A short blacklist would only be acceptable if accompanied by a substantial and public record of the commitments obtained".

As for the Vice President Valdis Dombrovskis that also attended the meeting on behalf of the EU executive, he said that as a number of third countries have entered into commitments as regard to good tax governance and the European Commission "will be following up those commitments".

"We must do everything we can to keep up the pressure on all of these countries", he said.

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"It's appalling and unacceptable to put your money in a tax haven in order to avoid paying taxes, so I'm very pleased that the blacklist for tax havens sends a clear signal in co-operation with other European Union nations", said the tax minister, Karsten Lauritzen.

Blacklisting countries has always been "a political process", Elena Gaita of Transparency International, the anti-corruption watchdog, said. "To avoid getting on the list, a great many nations have already shown to be cooperative", Vandenkendelaere said. Initial screening identified 92, who were asked in February to provide additional information.

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