The UK has been attracting quite a bit of scrutiny of tax havens lately, particularly in regards to its overseas territories. The British Virgin Islands was actually the most frequently exploited tax haven in the now-infamous Panama Papers, with well over half of all corporate entities named in the papers registered there.
Numbers released by Statistics Canada reveal that Canadian businesses are increasingly moving to pull their funds from tax havens. The move marks the end of a five-year period in which Canadian businesses had billions stashed in the 10 most popular tax havens, which are defined as low-tax or no-tax countries.
In February, EU member states sent letters to more than 92 countries notifying them that they now will be screened to determine if they should be included on a new blacklist of tax havens.