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The transition of Jersey, Guernsey and the Isle of Man off of the EU “grey” list follows legislative changes that strengthen tax transparency in these Crown Dependencies. The actions include the implementation of disclosure rules of investors’ tax residency related to the enforcement of the Common Reporting Standard as well as the sharing of beneficial ownership information with national registries.

As with other policy areas, one of the fundamental purposes of the EU Blacklist is to harmonise and replace sometimes contradictory member state practices. Although it has as yet to be defined when the EU-wide transposition to national legislation will be put into place, recent experience points to a quicker response than in the past.