On 8 February, OCCRP carried an article about Luxembourg, criticising its role in providing secrecy as one of the most opaque financial systems in the world, saying that for years it has been a notorious tax haven, accused of being part of an “axis of tax avoidance” in Europe. It says that Luxembourg finally agreed in 2018 to create a database that would reveal the ultimate beneficial owners (UBO) of all the companies registered within its borders. The UBO register was established in March 2019, but it has a critical flaw: It does not allow searches by an owner’s name, only by company name or registration number. This makes it much harder for journalists and members of the public to determine who owns what. Now, in a series of stories focusing on these companies and their owners, OCCRP and its partners are trying to re-draw some of the connections severed by opacity and offshoring — to link people to their financial holdings, when it is in the public interest to do so.
I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y