Ethics and governance in the European Financial centers

In an article a couple of months ago I underlined the risks in Luxembourg because of companies linked to exotic jurisdictions that are tolerated despite "red flags" in official sources.
Iceland Review yesterday published an interesting article that confirms that the Luxembourg jurisdiction may be used to commit frauds.
According to the newspaper such companies are first and foremost established to hide ownership patterns or funds and assets that were earned in a questionable manner.
Former Minister of Business Affairs Björgvin G. Sigurdsson stated that "One of the main things that must be done when this legal frame is reviewed, is to prevent such things from happening again".