TCI Deputy Premier echoes ‘imbalance’ accusations in EU Blacklist

Dana Malcom

Staff Writer

#TurksandCaicos, October 24, 2022 – A week after the Turks and Caicos landed on the EU Tax backlist, Finance Minister and Deputy Premier E Jay Saunders is highlighting the disparity in how small states and major European countries are judged on tax practices. 

“I must point out that EU member countries are not screened for possible inclusion on the blacklist.  So they get a free pass.” he said, dedicating much of his speech in the House of Assembly on Wednesday to the issue. 

“The list which is updated every six months requires the 27 member countries, which are not screened, to take defensive measures against the jurisdictions that are considered the black listed countries.” 

Saunders’ comments come just weeks after Bahamian Prime Minister Philip Davis firmly criticized the tax review practices of some global agencies at the UN General assembly.

“Why is it that European countries that operate frameworks akin to those in blacklisted countries are not being made eligible for inclusion on these lists?  We find it astounding that the 2 to $3 trillion estimated to be laundered through developed countries each year is never a cause for concern,” Davis had said.  

Saunders maintained that the Turks and Caicos had made significant progress over the past six months, and the review body agreed to this but indicated that the fruits of that progress would come in time for their 2023 Q1 review, not the most recent review and thus they were included on the blacklist. 

In light of this, the Finance Minister said they are putting in a complete action plan to get the Turks and Caicos off of Annex I or the blacklist.  That action plan includes

• Hiring a dedicated consultancy firm to help with abiding the EU goals. 
• Allocating more resources to the issue
• More rigorous compliance protocols and several other protocols. 

The next review is scheduled for February.