Featured Luxembourg

Luxembourg’s Gramegna defends tax letters targeting undeclared foreign income

Luxembourg’s tax authority is acting well within its rights when it sends letters to residents stating that it suspects they have potential undeclared foreign income, Finance Minister Pierre Gramegna has said, despite the country struggling to shake off its own reputation as a tax haven. Such correspondence, issued by the… Read More

Luxembourg Plans To Give Its Business Registry More Teeth

By Henry Pope, OCCRP, 4 September 2021 OCCRP — After having been criticized for being a tax haven, Luxembourg’s Ministry of Justice will put forward a draft bill aimed at allowing authorities to sanction those who use the country’s financial system for money laundering and tax evasion. The… Read More

U.S. DOJ repatriates another $452 million in 1MDB funds to Malaysia

The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion. The funds, which were repatriated to Malaysia, had been laundered through major financial… Read More
2nd August 2021
A Vancouver lawyer has been suspended after letting a client use her firm’s trust accounts to move more than $14 million from other countries without providing any legal services or asking where the money came from. In a disciplinary decision on the professional misconduct of Florence Esther Louie Yen, a hearing… Read More
22nd July 2021
Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone, due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and the judicial sources confirmed the details of the report. The… Read More
6th July 2021
By Saurnas Cerniauskas, OCCRP, 6 July 2021 OCCRP — Multinational corporations registered in Luxembourg are believed to be using a loophole in the country’s tax system to circumvent European Union transparency regulations and underpay tax. All they have to do is to send an “Information Letter”… Read More
22nd June 2021
The United States will seek to extradite a Turkish businessman from Austria so he can appear before a U.S. judge in Utah, where he is facing charges of conspiring to commit money laundering and wire fraud, the U.S. Justice Department said on Monday. Sezgin Baran Korkmaz laundered more than $133… Read More
11th June 2021
The European Commission on Wednesday took Luxembourg to court, asking the European Court of Justice (ECJ) to impose a daily penalty on the country for failing to put new EU rules to stop money laundering into law. Without the rules on the freezing and confiscation of proceeds of crime, EU and national… Read More
4th June 2021
Laura Kövesi knows a lot about fighting fraud and corruption in hostile conditions. She served as Romania’s chief prosecutor at the anti-corruption directorate from 2013 until she was forced out from her office in 2018 by the then justice minister. While in office, she brought ex-prime ministers, former ministers, MPs,… Read More
4th June 2021
Kyiv’s Pechersky district court has ruled to seize Ukrainian blogger Anatoly Sharij’s real estate and bank accounts. He announced this on Telegram on June 2. According to him, he has not been living in Ukraine for 10 years and allegedly has not been involved in financial… Read More
14th May 2021
By Will Fitzgibbon, ICIJ, 12 May 2021 ICIJ — Europe’s top human rights court has rejected an appeal brought by a whistleblower who was fined by a Luxembourg court for revelations that helped expose industrial-scale tax dodging. The European Court of Human Rights on Tuesday… Read More
25th March 2021
By Aubrey Belford, Adam Klasfeld and Kelly Bloss OCCRP — On September 18, 2018, a sleek, graphite-black private jet glided down from the stratosphere towards Izmir, an ancient harbor city on Turkey’s Aegean Coast. On board was a motley group of Americans on a mission to free Andrew… Read More
11th March 2021
The “OpenLux” investigation showed a need to better implement European Union tax rules and to strengthen tax-related disclosures by companies, a top EU official said on Wednesday. The OpenLux investigation last month by journalists, including from Le Monde, Le Soir, Miami Herald and Sueddeutsche Zeitung, said Luxembourg’s investment fund industry… Read More