The Cabinet of Ministers made the decision noting that ‘the resolution will update the list of offshore zones, increase the effectiveness of state financial monitoring in the field of combating money laundering, terrorist financing and financing the proliferation of weapons of mass destruction.’

The government also stresses that the Organization for Economic Co-operation and Development has defined the list of ‘jurisdictions with an unsatisfactory level of implementation of tax transparency standards’.

According to the OECD report submitted to the finance ministers of the G20, the list includes the Commonwealth of Dominica, Niue, Sint Maarten, Trinidad and Tobago, and Anguilla.