Luxembourg Takes Steps to Enhance Financial Institution Security Measures
Strengthening International Financial Sanctions Implementation
The Luxembourg Ministry of Finance has published two best practices guides aimed at ensuring efficient implementation of international financial sanctions. The guides, available in French and English, provide non-exhaustive recommendations for economic and financial operators established or active in the Grand Duchy of Luxembourg.
Guide 1: Implementing Financial Sanctions Against Terrorism Financing
The first guide focuses on the implementation of financial sanctions against individuals, entities, bodies, and groups involved in terrorism financing. It provides general recommendations for handling individual applications for authorization.
Guide 2: Applying Financial Restrictive Measures Against Third Countries or Entities
The second guide covers the application of financial restrictive measures against third countries, entities, or individuals not related to anti-terrorism efforts.
Who Are the Guides For?
According to Ministry officials, the guides are designed for all economic and financial stakeholders, including those established or active in Luxembourg, as well as parties potentially affected by the implementation of financial restrictive measures.
How to Use the Guides
The guides do not replace legal texts but rather provide general recommendations for handling individual applications for authorization. Operators are reminded that prior notification or authorization may be required under other legislation at national or European levels.
- Users who have questions not answered in the guides can contact the Ministry via email at sanctions@fi.etat.lu or by mail at 3, rue de la Congrégation, L-1352 Luxembourg.
- A general question can be submitted in anonymized format, with the response maintaining its character as a general recommendation and not being legally binding.
Additional Resources
The Ministry has also established a dedicated section on international financial sanctions on its website, where operators can find:
- The latest updates
- Relevant forms, such as the Form for transfers of funds subject to restrictive measures
Feedback and Updates
The Ministry will keep the guides up-to-date by taking into account user feedback and comments. Users are encouraged to subscribe to the newsletter regarding the “International Financial Sanctions” section to receive emails on the latest updates.