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Economic Crime in Luxembourg: Trends and Concerns

Introduction

Economic crime has become a significant concern for businesses worldwide. This report highlights key trends and concerns related to economic crime, with a focus on Luxembourg and global developments.

Economic Crime in Luxembourg

Investigations and Reporting

• 57% of companies in Luxembourg rely on internal resources for investigations, which is lower than the global average (72%).
• Companies prefer using external experts such as auditors or forensic investigators to ensure proper expertise.
• Unfortunately, companies are less likely to report economic crime to authorities due to lack of trust in local law enforcement.

Perception of Law Enforcement

Global Challenges

• Global law enforcement agencies face criticism for inadequate resources and training.
• While Luxembourg’s law enforcement capabilities were rated higher than the global average, there is still a concern that needs to be addressed.
• The UK and US ranked among the lowest in confidence in their ability to investigate cybercrime.

Anti-Money Laundering (AML)

Growing Concerns

• AML is a growing concern due to increasing terrorist threats and fines for non-compliance.
• Global money-laundering transactions are estimated at 2-5% of global GDP, or roughly USD 1-2 trillion annually.
• Unfortunately, authorities currently seize less than 1% of illicit financial flows.

Recommendations

Best Practices for Economic Crime Prevention

• Companies should assess their culture and management style to identify areas for improvement in economic crime prevention.
• Implement processes for identifying red flags and conducting robust investigations.
• Awareness is key to preventing economic crime, and companies must acknowledge the risks they face.