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Despite reform efforts, mandatory disclosure rules for companies and individuals in Luxembourg can be circumvented and sanctions are rarely enforced. ....
Dozens of foreign citizens linked to corruption, embezzlement of public funds, organized crime, and tax crime have opened companies in Luxembourg, seemingly without raising red flags, suggesting a failure in the regulation of the corporate industry. In 2019, an announcement appeared in the Spanish press. A major stake in one of Spain’s largest weapons manufacturers, Maxamcorp, had been sold. The Spanish government approved the deal, and everything seemed to be proceeding normally. But for those following closely, the situation was bizarre: Nobody knew who the real buyer was. On paper, it was Prill Holdings, a company based in Luxembourg. But who was behind Prill? The only available information about the company’s owners showed two firms registered in the Cayman Islands. These are linked to a US private equity company, Rhone Capital, but little else is known about them. To some, the opacity was disturbing. ....