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Luxembourg Strengthens Anti-Money Laundering Regime

In a move to enhance its anti-money laundering (AML) regime, Luxembourg has introduced several measures aimed at preventing and combating money laundering and terrorist financing.

Strengthened Regulatory Framework

According to the latest annual report of the Commission de Regulation des Services Financiers (CRF), the country’s financial regulator, the number of AML reports filed by financial institutions increased by 15% in 2022 compared to the previous year. The CRF attributed this growth to the strengthening of its regulatory framework and the implementation of new regulations.

New Registers Established

To combat money laundering and terrorist financing, Luxembourg has introduced several measures, including the establishment of a:

• Beneficial Owner Register (RBE): provides financial institutions with access to beneficial ownership information, enabling them to conduct more effective due diligence on their customers.
• Register of Fiduciary Contracts and Trusts (RFT): contains information about the ultimate beneficial owners of companies, foundations, non-profit organizations, and fiducies and express trusts.

These registers are maintained by: + Luxembourg Business Registers + Agency for the Supervision of Savings and Retirement Provision (AED)

Enhanced Cooperation

In addition to these registers, financial institutions in Luxembourg will also have access to the:

• Trade and Companies Register (RCS): provides information about corporate entities.

The CRF has also strengthened its cooperation with foreign authorities and the European Supervisory Authorities, enabling it to share beneficial ownership and other corporate information internationally. This will enhance the country’s ability to combat money laundering and terrorist financing at an international level.

AML Regime in Luxembourg

Luxembourg’s AML regime is designed to ensure that financial institutions and other regulated entities are able to identify and report suspicious transactions and activities. The country’s regulatory framework is based on: + EU’s Fourth Anti-Money Laundering Directive (AMLD) + FATF Recommendations

Conclusion

In conclusion, Luxembourg has taken several steps to strengthen its AML regime, including the establishment of new registers and enhanced cooperation with foreign authorities. These measures will help to prevent and combat money laundering and terrorist financing in the country and beyond.