Austria, Luxembourg, Belgium escape tax blacklist

instead - zamiast
substantially - istotnie, znacząco
Instead, they figure on a so-called "grey" list of eight countries that "have committed to the internationally agreed tax standard, but have not yet substantially implemented" it.

mounting - rosnący
to crack down - rozprawić się, wymuszać ścisłe przestrzeganie prawa
relaxation - rozluźnienie
Following mounting pressure from both sides of the Atlantic to crack down on non-cooperating tax zones that profit by taking in capital owned by companies and wealthy individuals from abroad, many of those territories had announced a relaxation of their banking secrecy laws in the last months.

Źródło: http://euobserver.com/9/27905