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Luxembourg Tightens Bolts on Terrorist Financing Laws
In a bid to combat terrorism, Luxembourg has strengthened its laws on terrorist financing, aligning with global standards set by the Financial Action Task Force (FATF).
New Laws Announced as Part of UN Resolution
The new laws were announced as part of a United Nations Security Council Resolution adopted last week, which recognizes the FATF’s central role in combating terrorist financing. The resolution emphasizes the need for countries to effectively counter sanctions evasion and strengthen their ability to prosecute terrorist financing.
Global Standards Not Met by Most Countries
According to the FATF, nearly two-thirds of its assessments to date have shown that states are not effectively prosecuting terrorist financing. This highlights a critical lack of effective implementation in applying these sanctions, with less than one-fifth of states assessed by the FATF to date having done so.
Luxembourg’s Commitment to Combating Terrorist Financing
Luxembourg has been at the forefront of combating terrorist financing, having enacted necessary legal measures to implement FATF requirements. To address the issue of ineffective implementation, Luxembourg will continue to work closely with the private sector and international organizations to strengthen interagency coordination and information sharing.
Key Initiatives
- Improved Interagency Coordination: Luxembourg will enhance collaboration between government agencies, financial institutions, and law enforcement bodies to share information on potential terrorist financing activities.
- Enhanced Information Sharing: The country has put in place legal frameworks that foster the sharing of specific threat information with and by financial institutions.
- Increased Prosecution Efforts: Luxembourg is committed to strengthening its ability to prosecute terrorist financing cases, ensuring that those who engage in such activities are held accountable.
FATF’s Role in Combating Terrorist Financing
The Financial Action Task Force (FATF) plays a crucial role in combating terrorist financing globally. The organization works through its evaluation and follow-up process to try to strengthen prosecution efforts and ensure that countries effectively implement global standards on anti-money laundering and combating the financing of terrorism.
Conclusion
Luxembourg’s commitment to strengthening its laws on terrorist financing is a significant step towards combating this complex threat. By working closely with the private sector, international organizations, and the FATF, Luxembourg aims to keep its financial system safe from abuse and support global efforts to counter terrorism.