Yes.
Thank you for your question, Mr. Dusseault.
We referred to the list established by the European Union in December 2017. The list is often updated. Countries are added, removed or moved from the black list to the grey list. Since most of our data predates the first list, we included all countries that were on the black list at some point. Although these countries have since improved some transparency practices, this wasn't necessarily the case at the time of the electronic funds transfers. At one point, up to 70 countries were on the list. I won't name them all here.
In May 2019, countries such as Belize, Fiji, Marshall Islands, Samoa, Trinidad and Tobago, Vanuatu and the United States Virgin Islands were on the black list. Bermuda, Barbados and Aruba have been on the list before. We often hear these names when we talk about tax havens.