Here is the converted article in markdown format:
Luxembourg’s Financial Fraud Prevention: Why Cutting Off the Sources Matters
In a country with a strong focus on Anti-Money Laundering (AML), it may seem counterintuitive to suggest that more emphasis should be placed on preventing financial fraud in its early stages. However, as recent cases have shown, Luxembourg is not immune to the global problem of financial crime.
The Importance of Preventing Financial Fraud
The money laundering process often begins with predicate offences such as fraud and corruption. These illicit activities can be committed by both external and internal actors, including cybercriminals, business partners, and even employees working in collusion. To combat these crimes effectively, it is crucial to implement robust anti-fraud and anti-corruption programs that include thorough checks on suppliers and vendors.
New Developments in Luxembourg’s Financial Fraud Prevention
The European Union’s upcoming “ABC” package will introduce new standards for businesses, mirroring the AML directives’ success. In addition, the recent adoption of Luxembourg’s whistleblower protection law has significantly enhanced internal alert systems, a crucial tool in detecting fraud.
PwC’s Academy Offers Specialized Course on Anti-Financial Crime
To equip organizations with the skills to prevent financial losses, fines, and reputational damage, PwC’s Academy offers a specialized course on anti-financial crime. The 2-hour session will explore current legal requirements, practical implementation tips, and best practices.
Objectives
- Understand how different forms of financial crime are connected and why they should be considered holistically
- Familiarize oneself with national, EU, and international requirements (current and upcoming)
- Discuss the elements of a standard anti-fraud management system
- Identify steps to implement an anti-fraud management system in one’s organization
Content
- Overview of different forms of fraud and corruption
- International and national laws, regulations, and penalties
- Components of an anti-fraud program
- Elements of a whistleblowing system
- Governance structures and internal controls
- Third-party due diligence
- Risk assessments
- Case studies and discussion
Target Audience
- Representatives from all sectors (financial, private, and public)
- Members of the board or management
- Internal auditors, compliance officers, or risk managers
- Legal and HR departments
Lead Experts
The course is coordinated by Michael Weis, Partner at PwC Luxembourg, who brings extensive knowledge in investment management and banking industries. With a strong professional experience in this area, Michael specializes in internal controls reviews and AML.
Course Details
- Price: €410.00
- Duration: 2 hours
- Language: Available in English, French, and German (supporting material only available in English)
- Number of participants: Up to 20
Interested in Participating?
Contact us to be added to our Show Interest list. Dedicated sessions for specialists and C-suite executives are also available.
Contact Us
[Insert contact information]