EU Ministers Hit Pause on Blacklisting Turkey as Tax Haven

Feb. 13, 2020, 8:42 PM

European Union finance ministers won’t put Turkey on the bloc’s tax haven blacklist but instead will give the country more time to agree to exchange bank information automatically with all EU members.

According to EU diplomats, EU ambassadors agreed Wednesday to avoid a major political confrontation with Turkey, a major trading partner and contentious ally, by giving it more time to sign bilateral agreements with EU nations. The agreements will allow for the automatic exchange of information about financial accounts of nonresidents.

They will also allow Turkey to avoid financial sanctions that can be imposed on countries on the EU...

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