People with nothing to hide offshore, Luxembourg

The only people who don’t want to disclose the truth, are people with something to hide. ~ Barrack Obama (see: ) – Luxembourg ‘open’ to bank transparency, Luc Frieden

Luxembourg can be a country of only 500,000 people, however its banks along with additional financial institutions have assets worth more than 20 times the country’s economic output.

Despite its heavy reliance on financial services, Mr Frieden insisted Luxembourg “does not rely on clients who want to save on their taxes”.