Revelations that fraudsters, oligarchs and corrupt officials rely on legal entities in Luxembourg to move funds underscores both the value of public beneficial-ownership registers and the gaps in how EU nations have implemented them, sources told ACAMS moneylaundering.com. On Feb. 8, Le Monde, the Organized Crime and Corruption Reporting Project and other news outlets began publishing "OpenLux," a series of articles based on data gleaned from Luxembourg's new public register showing the true owners of companies domiciled in the Grand Duchy, a small, sparsely populated and wealthy nation between France, Germany and Belgium. The revelations placed the nation's tax practices...
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