Government makes urgent attempts to have Antigua and Barbuda removed from EU blacklist

Urgent attempts are being made by the Government to get
Antigua and Barbuda removed from the EU list of non-cooperative
jurisdictions for tax purposes.
 
In February, the EU published its most recent list of non-
cooperative jurisdictions, and this country was among four other
Caribbean nations to remain on it.
 
Officials from the Financial Services Regulatory Commission, the
Inland Revenue Department, the Organization for National Drug
Control and Money Laundering Policy, and lawyers from the
Ministry of Legal Affairs reportedly met with the Executive to
discuss procedures by which the country can have its name
removed.
 
Reportedly, these agencies are acting jointly to have Antigua and
Barbuda moved into the EU’s Fully-Compliant ranks. However,
the implementation of certain laws and regulations will require
consultations with relevant stakeholders.
 
Officials say that, chief among the considerations to meet the
legal threshold, is the issue of “beneficial ownership.” They claim
that it is often difficult to determine beneficial ownership since
complex ownership structures define many corporations.
 
According to the Executive, “everyone has to be made to
understand the urgency of being removed from the blacklist,” and
the various agencies reportedly have agreed.
 
Apparently, a number of deadlines must be met, and cooperation
amongst these agencies is extremely important, the Executive
says.
 
A source has claimed that blame for the country’s blacklisting was
being placed on the lawyers within the Ministry of Legal Affairs.

 
The EU List of Non-cooperative Jurisdictions for Tax Purposes is
part of the Union’s work to fight tax evasion and avoidance.
 
Antigua and Barbuda was one of the countries listed under the
heading “Countries which do not cooperate with the EU or have
not fully met their commitments” in the EU’s most recent
composition of no-compliance tax jurisdictions.
 
On February 20, the Council adopted the EU list, stating that “it
regrets that these jurisdictions are not yet cooperative on tax
matters and invites them to improve their legal framework in order
to resolve the identified issues.”