Featured Luxembourg

JPMorgan Hacker Will Plead Guilty Over Role in Vast Cyber-Attack

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

Luxembourg Falls Further Behind EU AML Rules As Companies Fail To Disclose Ownership

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

Inside the Luxembourg free port storing riches for the super-wealthy

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
6th November 2017
By Francesco Guarascio, REUTERS European Union states will on Tuesday discuss plans for a tax havens’ blacklist, officials said, in a bid to tackle offshore tax avoidance after leaked documents revealed investments by wealthy individuals and institutions around the globe. The subject’s inclusion on the monthly meeting’s agenda of EU… Read More
11th September 2017
Spain’s High Court on Monday said the criminal responsibility for the investigations into money laundering which resulted in the arrests of seven officials of the Industrial and Commercial Bank of China in Madrid last year extended to the bank’s European headquarters, ICBC Luxembourg. “As well as the seven executives that… Read More
23rd June 2017
Jean-Claude Juncker was a man under pressure when he appeared before the European Parliament’s tax investigation committee in September 2015. The European Commission president and former Luxembourg prime minister was under tremendous scrutiny due to the LuxLeaks scandal, which centred on revelations that hundreds of multinational companies with offices in… Read More
31st May 2017
European Commission president Jean-Claude Juncker appeared before an inquiry hearing of MEPs, probing dubious tax schemes in Luxembourg and elsewhere. The euro-deputies on Tuesday (30 May) were hoping to extract a confession from Juncker on his alleged role in setting up the schemes, which eventually led to the LuxLeaks scandal. Read More