The list, issued by the OECD secretariat last week, named and shamed Costa Rica, Malaysia, the Philippines and Uruguay as the worst offenders who are yet to commit to the internationally agreed tax standards.
It also featured 38 other territories that have agreed to improve standards but have not yet done so, such as Liechtenstein, Luxemburg, Gibraltar, Andorra and Caribbean islands including the Bahamas, Bermuda and the Cayman Islands.
The report named the Isle of Man and Guernsey among those that had “substantially implemented the internationally agreed tax standard”.
AES International managing director Sam Instone says the jurisdictions highlighted as particularly bad are not the usual suspects and seem “rather inconsequential”.
He says: “It will be very interesting to look at the category that the OECD have judged to have made significant progress and consider what tangible measures are going to result from all the sabre rattling.”