UK Must Shun Tax Havens If It Wants EU Access, Bloc Says

Law360 (February 13, 2020, 3:10 PM EST) -- The European Parliament overwhelmingly adopted a motion Wednesday suggesting the U.K. can't have access to the bloc's single market for financial services as long as it operates overseas tax havens.

The motion, adopted by a 549-39 vote, said the U.K. should adhere to the evolving standards on taxation within the EU and should address the "noncompliance" of its overseas territories and crown dependencies with the EU criteria for good governance. The adoption of the motion came as a diplomat revealed that the EU plans to add the British overseas territory of the Cayman Islands to its list of countries that it considers...

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