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Member, Beacon International Group, Ltd.
The European Union Finance Ministers have included captive and reinsurance hubs such as Bermuda and Barbados in the EU's tax haven blacklist to promote a responsible tax policy worldwide, Asia Insurance Review reported. The blacklisted jurisdictions face stricter controls on their financial transactions with the EU and potential sanctions. The EU also included nine captive domiciles including the Cayman Islands, Mauritius, Bahamas, and Switzerland in its tax haven greylist.