Financial Crime World

Here is the converted article in Markdown format:

Luxembourg’s Anti-Money Laundering Regime: A Comprehensive Overview

======================================================

In Luxembourg, anti-money laundering (AML) regulations are enforced by the Financial Intelligence Unit (FIU), which plays a crucial role in detecting and preventing money laundering activities.

Registers and Databases

Several registers and databases exist to assist with conducting and validating AML information:

  • Trade and Companies Register (RCS): Maintained by Luxembourg Business Registers.
  • Beneficial Owner Register (RBE): Maintained by the same entity as the RCS.
  • Register of Fiduciary Contracts and Trusts (RFT): Maintained by the Association des Experts-Fiscaux (AED).

These registers contain information on companies, foundations, nonprofit organizations, fiducies, and express trusts, including beneficial ownership information.

Interoperability

The RBE and RFT are interconnected via the European Central Platform established by Directive (EU) 2017/1132. This allows for the sharing of beneficial ownership and other corporate information between authorities internationally.

Public-Private Corporate Registers

Other relevant public and private corporate registers include:

  • Luxembourg Company Register: Contains information on companies, foundations, nonprofit organizations.
  • Beneficial Owner Database: Contains information on beneficial owners of companies registered with the RCS.

These registers can be accessed by professionals for Know Your Customer (KYC) purposes.

International Cooperation

Luxembourg’s AML regime is designed to cooperate with international partners and authorities. The FIU exchanges information with foreign counterparts and the European Supervisory Authorities, which enables the sharing of beneficial ownership and other corporate information internationally.

Conclusion

==========

In conclusion, Luxembourg’s anti-money laundering regime is a comprehensive framework that aims to prevent money laundering activities through the use of various registers and databases, international cooperation, and effective exchange of information. Professionals can access these resources to assist with conducting and validating AML information.