EU taking 8 jurisdictions off its tax haven blacklist

The European Union is taking eight countries and jurisdictions off its tax avoidance blacklist after they made commitments to meet EU requirements.

Barbados, Grenada, Macao, Mongolia, Panama, South Korea, Tunisia and the United Arab Emirates were removed after agreeing to tighten their tax laws.

French Finance Minister Bruno Le Maire said Tuesday that the fresh commitments show "that European pressure is effective. "

Up to now, the system has centered on naming and shaming but Le Maire called for tougher action. He said: "Naming and shaming will not be enough. There also must be sanctions."

The nations now move on to a grey list of over 40 countries and jurisdictions which will be monitored closely.