Luxembourg: Financial Sector Assessment Program: Technical Note-Anti-Money Laundering And Combatting The Financing of Terrorism
IMF Staff Country Reports, August 28, 2017
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- Luxembourg: Financial Sector Assessment Program: Technical Note-Anti-Money Laundering And Combatting The Financing of Terrorism
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Bibliographic details
- Published: August 28, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484316740.002
Summary
- This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in the area of anti–money laundering and combating the financing of terrorism (AML/CFT).
- Since the last FSAP update, important steps have been taken to strengthen the AML/CFT regime.
- Luxembourg’s risk profile appears to be evolving as a result of the authorities’ push for increased tax transparency.
- Transparency of the beneficial ownership of legal persons has improved.
- AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.
Key findings
- AML/CFT regime has been strengthened since the prior FSAP update.
- The authorities’ push for increased tax transparency is changing Luxembourg’s risk profile.
- Transparency of the beneficial ownership of legal persons has improved.
- AML/CFT supervision has been strengthened, though supervisory gaps persist.
- Specific challenges remain in relation to lawyers as a sector.
Policy implications and recommendations
- Continue to strengthen AML/CFT supervision across reporting entities and sectors.
- Monitor evolving risk profile driven by increased tax transparency and adapt AML/CFT measures accordingly.
- Enhance oversight and targeted measures addressing vulnerabilities among lawyers.
- Maintain improvements in beneficial ownership transparency and ensure their effective use for AML/CFT purposes.
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- Country Report