The Dominican Republic was abolished on Friday on the European Union blacklist of tax havens, which now includes only eleven countries.
Finance ministers in EU member states have found that the Caribbean island has implemented its commitments and has taken measures to address concerns about the automatic exchange of financial information and has therefore been removed from the list.
The list currently includes American Samoa, US Virgin Islands, Belize, UAE, Fiji, Guam, Marshall Islands, Oman, Samoa, Trinidad and Tobago, and Vanuatu.
The European Union endorsed the list at the end of 2017, with countries that did not act effectively against tax evasion, even after they refused to cooperate properly after nearly a year of dialogue.
Last year, more than ninety countries were examined by the European Commission, which provides information to governments on what they should do to comply.
Sanctions have not yet been agreed, but in addition to the loss of prestige, the financial transactions of the states on the list are also tightened.
EU Member States are being criticized for being so loosened by the criteria originally proposed by the European Commission that no country in the EU is listed.