Luxembourg Newsletter - March 2014

Mondaq Business BriefingLuxembourg Articles in EnglishFinance and Banking (2014)

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Luxembourg Newsletter - March 2014

AML

AML UPDATE

Mutual Evaluation - FATF: a new start for Luxembourg

In February 2014, the Financial Action Task Force ("FATF") reviewed the progress made by Luxembourg in addressing the deficiencies identified in its 2010 mutual evaluation report. Luxembourg was placed in the regular follow-up process as a result of non-compliant and partially compliant ratings for twelve of the core and key recommendations in its 2010 mutual evaluation report. The February 2014 follow-up report contains a detailed description and analysis of the actions taken by Luxembourg in respect of the 2010 mutual evaluation report.

Among the key measures taken by Luxembourg, FATF acknowledged the amendments made to the AML/CFT regime through the introduction of new legislation:

reinforcing the legal framework for AML/CFT (the three laws of October 27th 2010), addressing the deficiencies of the terrorist financing offence (law of December 26th 2012), introducing criminal liability for legal persons (law of March 3rd 2010) adopting Grand-Ducal Regulations (among others, the ...

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