OPENLUX REVELATIONS PROMPT LUXEMBOURG REFORMS
February 22nd, 2023
Luxembourg’s strength as a financial sector has brought the world’s only sovereign grand duchy great wealth (USD133,000 per head in 2021, said the World Bank), but it has also generated scrutiny on how it monitors investors, companies and bank depositors for AML exposure. The February 2021 OpenLux revelations (1) by the Organized Crime and Corruption Reporting Project (OCCRP), that “financial opacity” and lax oversight about who was opening companies, indicated that Luxembourg-based firms "were used to hide, move, and launder millions in money, stocks, ...
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