The European Union(EU) has removed South Korea from its blacklist of tax havens. 

EU finance ministers on Tuesday held a meeting in Brussels and decided to move eight countries, including South Korea, from the list of non-cooperative jurisdictions for tax purposes to a gray list of countries that will be monitored for compliance. 

The seven other countries are Panama, Mongolia, Barbados, Macau, Tunisia, Grenada and the United Arab Emirates.

The EU said that the eight countries were removed from the list as they promised to address the EU's concerns. 

In December, the EU put South Korea on its blacklist of tax havens, citing a lack of transparency in the country's tax benefits for foreign companies investing in its free economic zones and foreign investment zones.