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Money Laundering: A Serious Criminal Offence
Money laundering is a serious criminal offence that involves concealing the true origin of illegally obtained funds by making them appear legitimate. According to Article 506-1 of Luxembourg’s Penal Code, money laundering occurs when someone knowingly facilitates or participates in transactions aimed at disguising the source of income derived from a crime.
What is Money Laundering?
Money laundering can take many forms, including:
- Investing
- Dissimulating
- Disguising
- Transferring
- Converting property obtained through criminal activities
Anyone who has acquired, held, or used such property with knowledge that it originated from a crime is also punishable under money laundering laws.
The Consequences of Money Laundering
Money laundering poses a significant threat to the financial system and can have severe consequences, including:
- Imprisonment
- Fines
- Undermining public trust in financial institutions
- Destabilizing the economy
Primary Offences or Predicate Offences
A primary offence or predicate offence refers to a crime that generates funds to be laundered. Examples of such crimes include:
- Drug trafficking
- Terrorism
- Corruption
- Weapons trafficking
- Tax evasion
- Human trafficking
- Fraud
- Environmental crimes
- Counterfeiting
These crimes are considered serious enough to warrant punishment under Luxembourg’s penal code, even if committed outside the country.
Terrorist Financing
Terrorist financing is a specific type of criminal activity that involves providing funds or resources with the intention of supporting terrorist activities. According to Article 135-5 of Luxembourg’s Penal Code, terrorist financing is defined as the unlawful and wilful provision of funds, assets, or goods aimed at carrying out an act of terrorism.
Reporting Fraud
Investors may be exposed to various fraud mechanisms, including:
- IT frauds
- Pyramid schemes
- CEO frauds
If an investor suffers a financial loss due to one of these scams or a money laundering offence, they can file a complaint with the State Prosecutor at the Luxembourg District Court or the Diekirch District Court. Alternatively, investors can lodge a complaint directly with the investigating judge or address it to any police station or the General Police Directorate.
For further information on filing complaints, please visit the Ministry of Justice’s website.
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