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.
President Jean-Claude Juncker of the European Commission has used his tenure as head of the European Union’s executive branch to boost financial transparency among member states. He joined the body in 2014 after serving as Luxembourg’s prime minister from 1995 to 2013.
Klinz is a member of the EU’s Tax3 committee, which focuses on financial crimes, tax evasion, and tax avoidance. Within