The European Parliament supports removing Gibraltar and Panama from the list of tax havens.

The European Parliament supports removing Gibraltar and Panama from the European Union's list of tax havens. Specifically, this is a list of jurisdictions considered high risk for money laundering and terrorist financing. Being on this list does not entail sanctions, but it does impose much stricter controls on transactions with these territories.

The European Parliament has opted to support the European Commission's proposal. The PSOE (Spanish Socialist Workers' Party) voted in favor of the decision, while the Popular Party (PP) opposed the measure. The PP (People's Party) even railed against the Socialists' change of heart. "The PSOE (Spanish Socialist Workers' Party) MEPs have supported this new Commission proposal, despite the fact that in April 2024 the European Parliament approved a joint resolution between the People's Party (PP), Socialists, Liberals, and Greens calling for precisely the opposite: that Gibraltar , along with other territories, remain on the list," the PP reported in a statement. This applies to the European list, but in the case of the Spanish list, which is different, Gibraltar continues to be listed as a tax haven.

The PP considers this change of position "incoherent" and warns that withdrawing Gibraltar without a formal agreement between the European Union and the United Kingdom on its post-Brexit status "weakens the fight against tax fraud and money laundering, and goes against the common interest of the Member States." A few weeks ago, the European Commission and the United Kingdom reached a political agreement , approved by Spain, for the British colony of Gibraltar to be considered an associated territory within the Schengen Area, but this agreement still needs to be ratified.

The European People's Party (PP) , of which the PP is a member, has expressed objections to the decision to exclude Gibraltar from the list, based on the fact that the British colony "continues to represent a fiscal risk for the European Union," explained MEP Isabel Benjumea. Gibraltar is estimated to be home to more than 14,000 active companies, equivalent to one company for every 2.4 inhabitants, and causes a tax loss of US$7 billion to the European Union. It does not apply VAT and is a duty-free establishment for products such as alcohol and perfumes, the PP points out. "Gibraltar meets all the indicators to be a tax haven, so deregistering it is a hasty, unjustified decision, and detrimental to Spain's fiscal and economic interests," Benjumea stated.

Along with Gibraltar and Panama , MEPs also confirmed the EU executive's decision to remove Barbados, the United Arab Emirates, the Philippines, Jamaica, Senegal, and Uganda from the list, as reported by Ep. However, Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela have been added. Brussels periodically reviews the list, and the proposed changes will automatically come into effect after one month unless the European Parliament or the Council expresses any opposition during that time.

Its development takes into account information provided by the Financial Action Task Force against Money Laundering (FATF) on countries requiring "enhanced surveillance," but the EU adds other countries based on its own criteria.