Saudi Press

Saudi Arabia and the world
Thursday, Jul 10, 2025

Luxembourg Plans To Give Its Business Registry More Teeth

Luxembourg Plans To Give Its Business Registry More Teeth

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 move comes six months after a group of international journalists, coordinated by OCCRP, published their OpenLux investigations, revealing how the country’s opaque financial system allows criminals and the corrupt to avoid taxes and launder their proceeds of crime.

“I can confirm that the Minister of Justice will submit to the government a draft bill allowing the Luxembourg Business Register (LBR) to impose administrative sanctions,” Luxembourg Ministry of Justice Press Attaché Monique Feidt told OCCRP.

For now, however, it seems the details are still being ironed out, as they will not be made public until the draft bill has been adopted by the government and presented to the Justice Committee of the Chamber of Deputies, said Feidt.

It is believed that non-Luxembourg residents will need to provide the LBR with identification documents such as passports or identity cards, according to Reporter. While this provision may be initially voluntary, it could become mandatory at a later date, the paper said.

It noted that the Justice Ministry is planning to double the number of its employees in order to better monitor the process.

If passed, the law will grant the LBR the power to impose sanctions and relieve the country’s justice system in cases where the registry is abused.

The OpenLux investigation revealed that in several cases a child, a deceased person, or an otherwise obvious proxy was listed in the LBR as the Ultimate Business Owner (UBO) of a company. The UBO is the legal owner who stands to profit or benefit from a corporate entity.

Luxembourg established its LBR in 2019 but it was found to have a critical flaw in that it does not allow searches by an owner’s name, only by the company name or registration number. This makes it really hard for anyone who seeks to link a corporate entity to those who profit off of it.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×