Marshall Islands’ EU White List Status Confirmed by ECOFIN

Marshall IslandsIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The European Union Economic and Financial Affairs Council (ECOFIN) has moved the Republic of the Marshall Islands (RMI) to the EU white list.?

As informed, the Marshall Islands, along with fifteen other jurisdictions, managed to implement all the necessary reforms to comply with EU tax good governance principles ahead of the agreed deadline.

RMI moved to the white list after receiving a largely compliant rating following the adoption of the RMI’s second round Peer Review Report on Exchange of Information on Request from the Organisation for Economic Co-operation and Development’s (OECD’s) Global Forum on Transparency and Exchange of Information for Tax Purposes.

“The Marshall Islands welcomes the ECOFIN’s decision, which recognizes the hard work we have done and will continue to exert all efforts to remain compliant with the EU and OECD requirements,” Alfred Alfred, Jr., RMI Minister of Finance, commented.

The RMI said it will now look towards the next phase of compliance, which includes enforcement of economic substance requirements.

“We were happy with the outcome of the meeting today and know the Marshall Islands will continue its cooperation with the EU and other international institutions, such as the OECD,” James Myazoe, RMI Deputy Registrar of Corporations, concluded.

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