Luxembourg denies tax haven claims
February 8, 2021, 10:52 am

A flag of the European Union can be seen fluttering outside the European commission headquarters in Brussels. (AFP)

Luxembourg on Monday denied claims made in international media publications that the nation is a massive tax haven for the world’s rich and famous despite European Union legislation to clamp down on it.

A group of media outlets including France’s Le Monde allege that the Grand Duchy has scores of ghost companies without staff or offices with only the aim in mind to hide or protect funds and wealth from tax collectors or harbor suspect funds. The outlets cite financial data they collated based on publicly available registers of companies.

The Luxembourg government said in a statement Monday it “rejects the claims made in these articles as well as the entirely unjustified portrayal of the country and its economy.”

It said that as an international financial center, “Luxembourg continuously assesses and updates its supervisory architecture and arsenal of measures to combat money laundering and terrorist financing.”

The Transparency International group said the so-called OpenLux investigation by Le Monde and others showed “major weaknesses in anti-money laundering frameworks in Luxembourg,” where investment funds “largely operate in secrecy.”

The government countered that “Luxembourg is fully in line and compliant with all EU and international regulations and transparency standards, and applies, without exception, the full arsenal of EU and international measures to exchange information in tax matters and combat tax abuse and tax avoidance.”

source: The Associated Press

Image source: AFP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”