Cayman Islands placed on tax haven blacklist

The Cayman Islands has become the first UK overseas territory to be named and shamed by Brussels for failing to crack down on tax abuse. 
The Islands has been added to the EU's blacklist of foreign tax havens, which also includes Oman, Fiji and Vanuatu.
EU27 ambassadors on Wednesday took a decision to place the Cayman Islands on a nine-strong list of overseas tax territories that do not effectively co-operate with the EU, according to diplomats. 
The move comes less than a month after the UK's exit from the EU. 
Officials said the Cayman Islands did not pass legislation that adequately addressed concerns about companies who claim tax advantages but do not have a sufficient economic presence on the island.

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