Following speculation last week, the European Union (EU) has confirmed that the Cayman Islands has been added to its tax blacklist, otherwise known as a list of non-cooperative tax jurisdiction.

The EU also added Palau, Panama and the Seychelles to the existing eight jurisdictions on the list because they did not implement tax reforms to which they had committed by the agreed deadline.

At the same time 16 jurisdictions were removed from the list. These were: Antigua and Barbuda, Armenia, Bahamas, Barbados, Belize, Bermuda, British Vir...