"We remain fully committed to maintaining the highest worldwide standards of financial oversight and tax regulation and will continue to work with our global partners to deliver this", the finance ministry said in a statement.
The bloc has finally agreed on a tax haven blacklist of 17 third countries in December's Economic and Financial Affairs Council (ECOFIN) on Tuesday.
The UK's Guardian reported that the blacklist will be linked to European Union legislation so that jurisdictions implicated will not be eligible for funds from the bloc, except where funds are for development.
"There must be no naivety: promises must be turned into actions".
"We have committed to a reform process which will be finalised by October 2018, and we are absolutely confident this will ensure the UAE is swiftly removed from the list", Khouri said.
The countries on the list are: American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, the Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, South Korea, Trinidad and Tobago, Tunisia and the United Arab Emirates.
They have until early 2018 to deal with the issues, the EU's statement said.
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BEPS refers to an agreement signed by some OECD member countries to tackle tax avoidance strategies that allow multinational companies to shift profits artificially to low or no-tax locations.
As for the Vice President Valdis Dombrovskis that also attended the meeting on behalf of the EU executive, he said that as a number of third countries have entered into commitments as regard to good tax governance and the European Commission "will be following up those commitments".
The bloc did not assess its own member states. That means they promote unfair tax practices, or don't share important financial information with the EU.
Tove Maria Ryding, from Eurodad, another NGO, said that the list "looks like an attempt to divert attention away from the fact that European Union governments have failed to clean up their own house".
"If EU governments really wanted to get rid of tax havens, they should be open about the fact that several EU Member States, such as Luxembourg, Ireland and the Netherlands, also have to fundamentally change their behaviour". The EU said they could be included in an updated list.
The most recent revelations came in the Paradise Papers, a set of leaked documents that showed how corporations, government leaders and prominent people use offshore accounts to avoid taxes or otherwise hide ownership of assets.
In its statement, the European Union said it aims to "raise the level of tax good governance globally and help prevent the large-scale tax abuse exposed in recent scandals such as the Paradise Papers".