It will take more time to shake off the grand duchy’s reputation as a tax haven, the finance minister told Delano in late January. Rival financial hubs try to use the country’s previously murky image as a competitive advantage, Pierre Gramegna (DP) stated during an interview. Luxembourg will need to meet and exceed EU and international tax standards, while being “patient” as perception evolves, he said. The comments came before the publication of the Openlux investigation into the grand duchy’s beneficial ownership registry. Seventeen international media outlets concluded that Luxembourg’s €4.5trn investment industry is a “black box” that facilities financial crime.