In the Dark: Who is Behind Luxembourg’s 4.5 Trillion-euro Investment Fund Industry?
As part of the #OpenLux investigations led by Le Monde, ACDC and Transparency International analysed the private investment industry in Luxembourg, worth some €4.5 trillion. Our investigation found that despite recent anti-money laundering reforms, we know very little about who the real end-investors in private equity are in Luxembourg, and whether the funds they invest come from legitimate sources.
2021_Report_Luxembourg_investment_funds_industry.pdf 
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