Luxembourg adopted several legal acts to strengthen the fight against money laundering and terrorist financing. The Act of 25 March 2020 reinforces and further harmonizes the supervision and sanctioning powers of the supervisory authorities and self-regulatory bodies in charge of supervision of trust and company service providers and investments services.
The Grand Ducal Decree of 14 August 2020 reinforces the national provisions applicable to professionals providing services to companies and trusts, and investment services.
The reform also included a vertical risk assessment in the area of terrorist financing and a sectoral risk assessment of legal persons, as well as an update of the National Risk Assessment and a study on the reinforcement of the regime applicable to trust and company service providers.
Transformation of the Business Register will complete the reform to strengthen the fight against money laundering and terrorist financing.
- Reference
- H.1 in the Luxembourgish Recovery and Resilience Plan
- Project locations
- Luxembourg