FATF list update During the latest Plenary meeting of the Financial Action Task Force, it was decided that Grenada be removed from the list of non-cooperative countries and territories. VAT position of Cyprus IBCs A new VAT law was enacted in Cyprus in 2000 but did not come into effect until 1 February 2002. The purpose of the new law was to bring Cyprus VAT provisions in line with EU legislation in view of the island’s joining the EU in 2004. The 2002 Cyprus tax reforms In view of the expectation of Cyprus joining the European Union in 2004 and in an effort to streamline its legislation with that of the EU, a series of amendments to the island’s taxation laws were passed in 2002, making this the biggest reform of its kind in the Republic’s 42 year history.