Grenada to be Removed from EU Blacklist

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Ministry of Finance, Financial Complex, Saint George’s

Prime Minister Dr Keith Mitchell says Grenada is expected to be removed from the European Union (EU) Blacklist by the end of January.

The decision to remove Grenada, one of 17 countries blacklisted by the EU, is expected to follow a meeting of the Financial and Economic Unit of the Organisation for Economic Co-operation and Development (OECD) set for 23 January.

On 5 December 2017, the council approved and published conclusions containing an EU list of non-cooperative jurisdictions in taxation matters.

It said that Grenada did not sign nor ratify the OECD Multilateral Convention on Mutual Administrative Assistance as amended, and did not clearly commit to addressing these issues by 31 December 2018.

However, Prime Minister Mitchell says in any serious and objective situation, Grenada ought not to have been placed on the list initially, since the country has met all the conditions required.

“On 23 January, the Financial and Economic Unit of the OECD will be meeting after the response from Grenada and of course we pointed out the mistakes that were made,” the Prime Minister said. “Grenada is expected to be removed before the end of January from that blacklist. So, I think we would have gone through that process successfully.”

The Ministry of Finance issued a statement saying Grenada made high level commitments, complete with timelines, to the EU Code of Conduct group by way of letters on 17 and 28 November 2017.

Grenada’s commitments were in response to concerns raised by the OECD group regarding meeting all the criteria set up by the EU Council for Transparency and Fairness in Taxation, and was well on track to doing so.

Prime Minister Mitchell said it was accepted that the decision was unfair. “But the specific case of Grenada, we had asked for some communication sent to us so that we would move and deal with what we are supposed to do.”

“And they took a very long time to send it; so since the black list came on they have sent the information and we then replied, and like I said before the end of the month from indications in correspondence received last week, we expect to be released from that blacklist.”

GIS

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