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Luxembourg Defends Itself Against New Tax Haven Allegations | Business News

by Bestloancredits
February 8, 2021
in Business
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LUXEMBOURG (AP) — Luxembourg on Monday denied claims made in worldwide media publications that the nation is an enormous tax haven for the world’s wealthy and well-known regardless of European Union laws to clamp down on it.

A gaggle of media shops together with France’s Le Monde allege that the Grand Duchy has scores of ghost corporations with out employees or workplaces with solely the intention in thoughts to cover or defend funds and wealth from tax collectors or harbor suspect funds. The shops cite monetary information they collated based mostly on publicly accessible registers of corporations.

The Luxembourg authorities mentioned in a press release Monday it “rejects the claims made in these articles in addition to the completely unjustified portrayal of the nation and its financial system.”

It mentioned that as a world monetary middle, “Luxembourg constantly assesses and updates its supervisory structure and arsenal of measures to fight cash laundering and terrorist financing.”

The Transparency Worldwide group mentioned the so-called OpenLux investigation by Le Monde and others confirmed “main weaknesses in anti-money laundering frameworks in Luxembourg,” the place funding funds “largely function in secrecy.”

The federal government countered that “Luxembourg is totally in line and compliant with all EU and worldwide rules and transparency requirements, and applies, with out exception, the complete arsenal of EU and worldwide measures to trade info in tax issues and fight tax abuse and tax avoidance.”

Copyright 2021 The Associated Press. All rights reserved. This materials is probably not printed, broadcast, rewritten or redistributed.

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