France Updated Its 2013 Blacklist Countries

Bermuda, the British Virgin Islands , and Jersey have been added. The Philippines have been removed. Ten countries and territories compose now the list

The French Ministry of Economy and Finance updated its non-cooperative countries and territories (NCCT) list on August 21^st, 2013. This list comes into force retroactively on January 1^st, 2013.

This list was created in 2009 as part of the fight against the tax havens. Four years later, this update shows that France is still involved in, and a leader of promoting tax transparency.

Few conditions must be met for a country or territory to be on the French NCCT list. First, the entity must not be a member of the European Union. Second, it must have been reviewed by the OECD with regard to transparency and exchange of information of tax matters. Thirdly, it must not have concluded with France an administrative assistance agreement; and finally it must not have done this with at least 12 other countries or territories.