diff --git a/src/libs/OptionsListUtils.js b/src/libs/OptionsListUtils.js
index 17a21e003afb..79eb88154b37 100644
--- a/src/libs/OptionsListUtils.js
+++ b/src/libs/OptionsListUtils.js
@@ -897,7 +897,7 @@ function getCategoryListSections(categories, recentlyUsedCategories, selectedOpt
 function getTagsOptions(tags) {
     return _.map(tags, (tag) => {
         // This is to remove unnecessary escaping backslash in tag name sent from backend.
-        const tagName = tag.name && tag.name.replace(/(\\)+/g, '');
+        const tagName = tag.name && tag.name.replace(/\\{1,2}:/g, ':');
 
         return {
             text: tagName,