Financial Crime World

Here is the converted article in Markdown format:

Luxembourg Scores Perfect 100% in Fight Against Money Laundering and Terrorism Financing, FATF Recommendations Confirm

Luxembourg has achieved a perfect score of 100% in a recent “horizontal review” conducted by the Financial Action Task Force (FATF), confirming its strong commitment to combating money laundering and terrorist financing.

Technical Compliance Review

The review assessed the technical compliance of designated non-financial businesses and professions, with a focus on sectors such as:

  • Lawyers
  • Accountants
  • Corporate service providers
  • Real estate professionals

FATF Horizontal Review Highlights Luxembourg’s Rigorous Application

The FATF horizontal review, carried out within the framework of the fourth mutual evaluation report, highlighted Luxembourg’s rigorous application of all FATF requirements. The country’s Ministry of Finance and Ministry of Justice reported that the review confirmed Luxembourg’s good results obtained in 2003, demonstrating its ability to prevent and combat corruption.

Ministerial Reaction

Luxembourg’s Minister of Finance, Gilles Roth, hailed the result as “an excellent achievement which highlights the integrity of our financial system.” He added that the efforts made to reform and adapt the country’s legislative framework have borne fruit, demonstrating its commitment to maintaining an honest ecosystem. The Minister of Justice, Elisabeth Margue, also welcomed the publication of the review, saying it recognized Luxembourg’s ongoing commitment to fighting money laundering and terrorist financing.

Availability of Review

The review is available in English on the FATF website. It found that Luxembourg has all the powers and tools necessary to implement supervision programs in the sectors reviewed. The country’s administration and supervisors have worked together to ensure high standards of governance, strengthening investor confidence and the integrity of the financial system as a whole.

Conclusion

Luxembourg’s achievement underscores its reputation as a reliable and responsible international financial center, committed to upholding the highest standards of anti-money laundering and combating the financing of terrorism.