The European Union (EU) has decided to keep Panama on its blacklist of tax havens where it is joined  by Dominica but Barbados has exited the shady club.

The updated list of non-cooperative jurisdictions in tax matters that is currently made up of twelve territories considered not very transparent: American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, Islands American Virgins and Vanuatu.

The changes received last week the approval of the 27 Finance Ministers (Ecofin) and were formally approved on Monday in a parallel meeting with their foreign counterparts.

With the decision, the EU makes it clear that it considers that the isthmus has not yet resolved its deficiencies in the system for exchanging tax information.