Every year, governments around the world lose several billion kroner in tax revenues that are hidden away in tax havens. The EU’s blacklist was announced in 2017 as an attempt to end an era of tax havens.

Unfortunately, Oxfam’s new report on the EU’s tax haven list reveals that the EU is instead set to exonerate some of the world’s worst tax havens.

The report shows that at least nine notorious tax havens, including the Cayman Islands and Panama, risk being removed from the list when the EU meets to update it on March 12, 2019. Furthermore, the report shows that five EU countries would be blacklisted if the EU applied its criteria to its own member states.

Oxfam urges the EU to strengthen the tax haven list and offers concrete suggestions on how it can be improved. Among other things, by strengthening the criteria for the tax haven list, making the screening process free from political interference, and ensuring that the reforms implemented by grey-listed countries are effective.