Today November 6, 2018, at the end of a meeting of the EU finance ministers, Namibia was unlisted from the European Union's blacklist of tax havens.

The Economic and Financial Council (ECOFIN) approved the withdrawal following the country’s promises to reform its laws and practices.

Only five countries remain on the list now; Samoa, American Samoa, the US Virgin Islands, Guam, and Trinidad & Tobago namely.

These territories respect none of the tax good governance criteria set by the European Union. These criteria are namely application of the automatic financial information exchange standards established by the Organization for Economic Cooperation and Development (bank accounts opened by non-residents, companies’ shares…), commitment to the implementation of rules regulating the fight against tax evasion practiced by multinationals and discouraging the establishment of offshore companies.

Let’s note that none of the countries on the EU's blacklist of tax havens can receive funds from European institutions.

It is also worth reminding that when the list was first published on December 5, 2017, there were seventeen countries on it. Twelve were unlisted when they promised to cooperate.