LUXEMBOURG: Jurisdiction faces EU action on money-laundering failure.

As published on euobserver.com, Friday 15 May, 2020.

Offshore banking centre Luxembourg is to face European Commission legal action for not writing the latest EU anti-money laundering and anti-tax avoidance laws into its national legislation, officials said Thursday. The duchy's tax rules let multinationals hide behind shell firms and benefit from "unlimited deductibility of interest" from taxes, the commission said. Luxembourg has a history of going slow on EU laws in the sector until threatened by court action.

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