Featured Luxembourg

FBI concerned over laundering risks in private equity, hedge funds – leaked document

The U.S. Federal Bureau of Investigation believes firms in the nearly $10-trillion private investment funds industry are being used as vehicles for laundering money at scale, according to a leaked intelligence bulletin prepared by the agency in May. “Threat actors” — including criminals in it for the money and foreign… Read More

Luxembourg tightens screws on trusts with EU rules

Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More

U.S. seeks Warhol, Monet paintings linked to 1MDB scandal

The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More
24th June 2020
Foreign companies own £4.4 billion worth of Scottish property, The Ferret can reveal, leading to calls for greater transparency to stop Scotland losing out on tax revenue. Concerns have also been raised about the need for urgent action to stop criminals using opaque foreign companies to invest in Scottish property… Read More
22nd June 2020
Vitaly Malkin can’t prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a four-year court battle, Malkin, a former Russian senator, was ordered by a French court earlier this month to pay a $1.7 million… Read More
2nd June 2020
OCCRP—When Eldar Mahmudov fell out of favour with Azerbaijan’s government, he fell hard. In October 2015, the country’s national security minister was dismissed from his powerful role by a presidential order. Within days, wild stories peppered local media outlets about raids on his villa, where police discovered glass jars… Read More
20th May 2020
Jordan has come first in a list of countries that appear to have siphoned huge amounts of foreign aid into offshore bank accounts. The resource-poor Middle Eastern country, which is hosting about two million Syrian refugees, received £2.13 billion in foreign aid in 2018-19 including £110 million from Britain,… Read More
18th May 2020
The European Commission launched legal actions on Thursday against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement. New EU rules to step up scrutiny of financial assets controlled by politicians and companies’ owners were approved in May 2018 in an effort to clamp… Read More
8th May 2020
The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was… Read More
7th May 2020
Members of the European Parliament have demanded answers from the president of the European Investment Bank following revelations made by the Luxembourg Times into anti-money laundering failures. Twelve Greens and European Free Alliance MEPs sent the letter to Werner Hoyer on Wednesday, requesting that he discloses compliance shortfalls identified… Read More
5th May 2020
Finance ministers and European parliamentarians said they will be keeping a close eye on the European Investment Bank after the Luxembourg Times revealed anti-money laundering loopholes found in an internal audit report from last year. The report showed gaps with regards to rules to prevent money laundering and the… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More
28th April 2020
Falcon Private Bank, a wealth manager that was at the centre of Malaysia’s 1MDB scandal, could lose its Swiss banking licence by the end of the week, two sources close to the situation told Reuters. Swiss financial markets watchdog FINMA could withdraw the licence for the private bank owned by… Read More