Luxembourg : Financial Sector Assessment Program: Technical Note-Anti-Money Laundering And Combatting The Financing of Terrorism

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

August 28, 2017

Electronic Access:

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Summary:

This technical note (TN) sets out the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in a few selected areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of Luxembourg's progress in addressing vulnerabilities in its AML/CFT framework that have been identified by staff as being most significant in context, namely those with respect to tax crimes as predicate offenses to money laundering (ML), access to adequate beneficial ownership information of legal persons and arrangements, AML/CFT supervision of banks, trust and company services providers (TCSPs), and lawyers, and the detection and exchange of financial intelligence. The TN also provides a factual update on the key measures taken by the authorities since Luxembourg's 2011 FSAP. This is not an evaluation or assessment of Luxembourg's AML/CFT system. Luxembourg is scheduled to undergo an assessment against the prevailing standard—the Financial Action Task Force (FATF) 2012 40 Recommendations––in 2020

Series:

Country Report No. 17/255

Subject:

English

Publication Date:

August 28, 2017

ISBN/ISSN:

9781484316740/1934-7685

Stock No:

1LUXEA2017004

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

26

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