Featured Luxembourg

EU to consider tougher tax haven listing

A group of European Union countries is calling for the bloc to cast a wider net when listing tax havens and to consider imposing stricter sanctions for countries facilitating tax avoidance, according to an EU document and an EU official. The document, prepared by the Danish government and seen by… Read More

Belgian lawyer accused in Swiss court of laundering family shares in InBev

A Belgian lawyer appeared in a Geneva court on Monday accused of money-laundering and falsifying documents in a case involving Belgium’s richest family, who say she swindled missing shares in brewer InBev worth some $60 million today. The woman, who denies the charges, was convicted in 2016 by a Luxembourg… Read More

As Juncker bids farewell, new EU executive begins with scrutiny over Luxembourg tax

Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm. Vice-President Margrethe Vestager and tax commissioner Paolo Gentiloni will on Monday meet… Read More
29th October 2019
A move into ultra-rich clients combined with growing numbers of non-European customers means that the risk of money laundering in Luxembourg’s private banks is increasing, the head of the country’s financial regulator told the Luxembourg Times. “The nature of cross-border private banking makes it vulnerable to being abused for illicit… Read More
17th September 2019
A Russian hacker at the center of an alleged scheme to steal financial data on more than 80 million JP Morgan Chase & Co. clients will plead guilty later this month, according to a U.S. court filing. Andrei Tyurin, who was extradited last year from the Republic of Georgia, is… Read More
13th September 2019
Luxembourg has approved a further delay for companies to register their beneficial ownership details after 53% of affected entities failed to do so by the initial deadline. More than 68,000 companies had not provided the required information by the August 31 deadline and they have now been given a further… Read More
8th July 2019
Along with free trade deals, tax cuts for high earners and the threat of a no-deal Brexit, special tax-free zones are likely to feature in a Boris Johnson premiership. The frontrunner to move into No 10 told a Tory hustings event this week that… Read More
29th May 2019
Britain’s offshore territories the British Virgin Islands (BVI), Bermuda and the Cayman Islands were named in a study released on Wednesday as the most significant jurisdictions used by global companies to minimise their tax bills. Governments are stepping up efforts to recoup more tax from multinationals, with the European Commission… Read More
9th April 2019
Qatar said on Monday it had filed lawsuits against three banks, accusing them of using what it called overseas currency manipulation to sabotage its economy in the wake of an Arab boycott against the country in 2017. The cases, filed in London and New York, name Luxembourg-based Banque Havilland, the… Read More
28th March 2019
A Luxembourg court refused on Wednesday to enforce a U.S. ruling that would have helped families of victims of the Sept. 11, 2001 attacks claim Iranian assets held with a Luxembourg-based clearing house. The court ruled that there were no grounds in international law to uphold in Luxembourg a U.S. Read More
24th September 2018
Luxembourg is among EU states that have urged caution in beefing up the bloc’s supervision of banks against money laundering, while Denmark is in favor, an EU official familiar with talks on the matter told Reuters on Friday. The positions were taken in a closed-door meeting of national envoys that… Read More
15th January 2018
Luxembourg’s highest court overturned a previous verdict of a six-month suspended jail sentence and a €1,500 fine against Antoine Deltour, a French whistleblower involved in the LuxLeaks scandal on Thursday (11 January). But his former colleague and fellow leaker Raphael Halet’s sentence of a €1,000 fine was upheld by the… Read More
23rd November 2017
By Caterina Tani, EU Observer The third Luxleaks trial, which starts in Luxembourg on Thursday (23 November), has prompted fresh calls for better protection of whistleblowers. Antoine Deltour, Raphael Halet, and Edouard Perrin will have their fresh appeal heard by the High Court of Luxembourg, after two previous ‘guilty’ sentences… Read More