Britain puts brakes on EU tax haven blacklist push

EU finance ministers on Tuesday painfully agreed on the criteria to draw up a European blacklist of tax havens, but Britain watered down the proposal, eager to protect low tax dependencies such as Bermuda and Guernsey. Europeans have struggled to agree on the basis of an EU-wide tax haven blacklist, even after revelations in the Panama Papers and LuxLeaks scandals shocked the general public on the strategies used by the rich people and big companies to reduce tax bills. The European Commission, the EU's executive arm, has taken the lead on cracking down on tax havens and wants to draw up a list of problem jurisdictions by the end of next year.

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