EU Official Demands Luxembourg Freeport Close Amid Money Laundering Allegations

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January 31 2019

Members of European Parliament would like increased transparency when it comes to Luxembourg’s tax shelters for wealthy art collectors.

 In a letter earlier this month, German MEP Wolf Klinz asked the European Commission to close loopholes that allow potential financial crimes to occur. In particular, the parliament member singled out Luxembourg’s system of freeports: tax-free warehouses where the rich can store valuable assets like art, cars, wine, and jewelry.