The European Union (EU) finance ministers on Friday canceled the Caribbean islands of Bermuda, Barbados and Aruba from the black list of tax-haven countries.
Three islands were added to the list in March and Aruba was removed as it was changing its tax rules to make it compliant with EU requirements..
Bermuda and Barbados also committed themselves to addressing the concerns of the European Union and were therefore transferred to the gray list of countries under scrutiny in the European Union due to their tax practices.
The move was made in recognition of their efforts to prevent tax evasion.
The list was established in 2017 to combat money laundering. Currently, it includes 12 regions: American Samoa, Belize, Dominica, Fiji, Guam, Marshall Islands, Oman, Samoa, Trinidad and Tobago, United Arab Emirates, Virgin Islands, Vanuatu.