EU removes Mongolia from tax haven blacklist

EU removes Mongolia from tax haven blacklist
There'll be some relief at Mongolia's Government Palace to be off the EU tax havens blacklist.
By bne IntelliNews January 25, 2018

European Union finance ministers on January 23 decided to remove Mongolia and seven other jurisdictions from the EU’s tax havens blacklist set up in December.

Prior to the move, Mongolian Foreign Minister Damdin Tsogtbaatar had discussed the issue with EU member nations at a ministerial meeting in Vienna of the Organisation for Security and Co-operation in Europe (OSCE) in December.

The blacklist announced by Brussels on December 5 originally included 17 countries, but has now been cut to nine. Apart from Mongolia, the bloc removed Panama, Barbados, Grenada, South Korea, Macao, Tunisia and the United Arab Emirates.

Mongolia’s foreign minister said in December that the country had impremented “a series of coordinated measures at all levels of government” in response to the blacklist without revealing any specifics of intended measures.

The EU said the blacklisted countries failed to meet international standards and did not give sufficient commitments that they would change their ways during talks in the months leading up to the publication of the list.

However, EU member states failed to agree any sanctions against the countries, a fact that provoked the European Commissioner for Economic and Financial Affairs Pierre Moscovici to talk of “an insufficient response”.

Related Articles

WHO survey: Mongolia biggest user of antibiotics, high usage rates in Turkey and Iran

Use of Antibiotics in Mongolia, Turkey and Iran is running at extraordinarily high rates, with Mongolians using the medicines most of all among nationalities surveyed, according to ... more

Mongolia’s president threatens hunger strike to force disbanding of parliament

Mongolia’s President Khaltmaa Battulga has threatened to go on a hunger strike or stage a sit-in to pressure parliament to voluntarily disband for failing to stand up to the country's economic ... more

Fitch says Mongolian banks remain weak

Fitch Ratings has determined that Mongolia’s banking system remained weak with a high reported ratio of non-performing loans (NPLs) of 8.2% at end-May. The ratings agency thus moved on July 13 to ... more

Dismiss