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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”.
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