On 18 February 2020, the Council of the European Union (the Council or ECOFIN) adopted revised conclusions on the European Union (EU) list of non-cooperative jurisdictions for tax purposes (the EU List).1The Council added the Cayman Islands, Palau, Panama and Seychelles to Annex I (the so-called “Black” list) of the EU List as these jurisdictions did not implement the tax reforms to which they had committed by the agreed deadline.BackgroundThe EU published its list of non-cooperative jurisdictions for the first time on 5 December 2017, comprising in Appendix I at that time 17 jurisdictions deemed to have failed to meet the tax transparency, fair...