On February 14, 2023, the European Council added Russia, the BVIs (British Virgin Islands), Costa Rica, and the Marshall Islands to its list of non-cooperative jurisdictions for tax purposes.
This move reflects concerns over these countries’ tax transparency and anti-money laundering practices, and it’s essential for businesses to review their portfolios and assess any exposure.
This development emphasizes the need to stay informed of regulatory changes and comply with anti-money laundering measures.