In February 2020, the Cayman Islands were placed on the EU's list of non-cooperative jurisdictions for tax purposes.  It is believed that this occurred as a result of Cayman's legislative changes (relating to the regulation and oversight of collective investment fund vehicles) coming into force a few days too late to be considered at the EU's Code of Conduct Group meeting on February 4, 2020.

Following a meeting of the Economic and Financial Affairs Council held on October 6, 2020, the Cayman Islands was removed from the list.