Blacklisting of a nation, some considerations - by Shineco Sutherland
Barbados is being blacklisted by the European Union (EU). As one publication puts it, Barbados failed to implement changes to its tax exchange framework over the required period of 2015 to 2018. The changes were instead implemented by December 2019, too late to avoid a rating of "partially compliant" by the Organisation for the Economic Cooperation and Development (OECD). The EU subsequently added Barbados to its blacklist. There has been many public discussions since these development but what does any of this mean? If you are interested, stick around for a breakdown of the different components of this development. What is the OECD's role in this process and what is the significance of their rating? The OECD is an intergovernmental organisation with objectives such as facilitating global economic progress and trade. One route through which this is done is via setting standards to manage international tax evasion, of interest to this concept of blacklisting. The OECD c...