José Antonio Ocampo | ProMarket | February 28, 2021
The #OpenLux investigation has shown that Luxembourg, a country half the size of Delaware but with 55,000 offshore companies managing assets worth at least €6 trillion, is a major tax haven operating in the heart of the European Union.
#OpenLux, conducted by the Organized Crime and Corruption Reporting Project (OCCRP) and other media outlets, is just the latest in a series of investigations shedding light on the offshore financial system costing governments around the world close to $500 billion each year in lost income and corporate tax revenues. The use of “offshore” structures allows not only the real ownership of wealth to remain hidden, but also its location and perhaps its very existence. This same secrecy also creates fertile ground for tax evasion, avoidance, and for financial crimes and deals unquantifiable political damage as secrecy-shrouded capital infiltrates the Western political system.
Originally published by ProMarket. Read more here.