The following territories are excluded: Barbados, Cayman Islands, Gibraltar, United Arab Emirates, Jamaica, Jordan, Philippines, Seychelles, United Arab Emirates and Senegal. The updated list was approved by the government on October 1.
The removal of these nine jurisdictions reflects changes to the international and regional lists and recognizes that they now meet international standards of transparency.
According to Justice Minister Veronica Mihailov-Moraru, the draft document was developed jointly with the Service for Prevention and Combating Money Laundering on the basis of the Methodology for Identifying Jurisdictions and Autonomous Regions that do not meet international standards of transparency. It was developed to implement the mechanisms of the so-called law on deoffshorization. When updating the list, data from both national authorities and international structures, in particular the EU and the IMF, on anti-money laundering and countering the financing of terrorism were taken into account.
To qualify a jurisdiction as non-compliant with transparency standards, the following are analyzed: the degree of cooperation on exchange of information on company registration data (founders, shareholders, beneficiaries, etc.), reports of international organizations on the implementation of transparency standards and the effectiveness of the work of competent authorities, as well as the presence of relevant provisions in national legislation.
