The Lead Story
EU Scrubs Eight Nations From Its High-Risk List, Adds Ten New Names
The Big Picture: Brussels just gave several financial hubs a reputational makeover. In its latest anti–money-laundering overhaul, the European Commission struck Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates off its list of high-risk jurisdictions—while sliding ten newcomers onto it, Transfer Pricing News reports.
The Details: The EU’s high-risk roster flags countries whose AML and counter-terrorist-financing regimes the bloc sees as shaky. Businesses dealing with listed jurisdictions must apply extra due-diligence checks—think heavier KYC and reporting. The Commission’s July update delivers a mixed bag:
* Off the naughty list: Eight jurisdictions proved they’ve beefed up enforcement enough to win a reprieve.
* Fresh entries: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela now face tougher scrutiny from EU banks and corporates.
Why It Matters / What They’re Saying: Compliance teams from Paris to Prague will have to rewrite their risk matrices—again. "Regular updates are essential to protect the EU financial system," the Commission noted in its release, adding that the shuffle keeps pressure on laggards to tighten controls. For multinationals, the good news is fewer red-flagged trading partners in the Gulf and Caribbean; the bad news is brand-new paperwork for deals touching West and North Africa.
Around the Tax World
- House holdouts threaten Trump’s mega-bill. Rep. David Valadao drew a "red line" over Medicaid cuts and could be one of just four GOP votes needed to sink the One Big Beautiful Bill, according to AOL.
- Seniors score—but only sorta. The bill tacks on an extra $6,000 deduction for older taxpayers between 2025-2028, but that’s "a modest reduction," the Urban-Brookings Tax Policy Center told CNN.
- The SALT torpedo is armed. High-earning coastal residents could face an effective 45.5% marginal rate once state-and-local-tax caps collide with the bill’s new brackets, a tax pro warned MSN.
By the Numbers
Tax Stat of the Day: $6,000 – the additional deduction seniors can claim in 2025-2028 under the pending bill (CNN).
Looking Ahead
All eyes now shift to the European Parliament, which has 30 days to endorse—or object to—the Commission’s high-risk shake-up. In Washington, Senate passage of the mega-bill could come "in the next day or two," setting up a nail-biter vote in the House.
Prepared by MyTax - mytax.com.ng