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

International Monetary Fund

No 2017/255, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 also improved. AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.

Keywords: ISCR; CR; CFT supervision; CFT framework; CFT monitoring; CFT shortcoming; CFT regime; i. Luxembourg; CFT effort; reporting entity; Luxembourg government's commitment; risk profile; monitoring of TCSPs; follow-up report; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Tax evasion; Financial Sector Assessment Program; Global (search for similar items in EconPapers)
Pages: 26
Date: 2017-08-28
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