Morocco in the EU’s grey tax haven list

Morocco sidestepped being listed in the EU’s tax haven black list but is included in the grey list, which comprises countries that are given time to reform.

Ten other countries, including the UAE, are on the black list, which was approved by EU finance ministers.

The black list included so far only five jurisdictions and aims to help prevent tax fraud or evasion.

The list was first put together in 2017 to name and shame “non-cooperative jurisdictions for tax purposes”.

The 28-nation EU set up the blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower their tax bills.

Blacklisted states face reputational damages and stricter controls on transactions with the EU, although no sanctions have yet been agreed by EU states.