France adds Seychelles to blacklist of tax heavens

France has added Seychelles to its tax-haven blacklist because the island state did not provide full information about some French offshore entities acting on Seychelles.

Seychelles Minister of Finance called this decision “hostile, regrettable and disappointing” and also noted that it would have negative effect for Seychelles’ economy soon.

The French Ambassador to Seychelles explained the blacklist is specifically about cooperation with regards to exchange of information between the two countries.

The Finance Minister of Seychelles said the immediate reaction now will be to relook at some of Seychelles' laws and amend them as soon as possible so they comply with international norms. He also added: “We will protest because I feel this is a hostile action. We need to get out of this situation and we need to work with the French authorities to remedy this situation as quickly as possible”.

Source: http://www.seychellesnewsagency.com/articles/12057/France+adds+Seychelles+to+tax-haven+blacklist%3B+high-level+maneuvers+follow+%27hostile%2C+disappointing%27+decision