Luxembourg: Report on the Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 399

Publication date: December 2004

ISBN: 9781451824346

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Topics covered in this book

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Public Finance , ISCR , CR , Luxemburg , UN resolution , AML , customer , financial intelligence unit , customer due diligence issue , customer identification requirement , customer identification procedure , preventive measure , geographical location , predicate offence , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Terrorism financing , Legal support in revenue administration

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Summary

This report on the Observance of Standards and Codes reviews Luxembourg’s observance of the Financial Action Task Force (FATF) 40 Recommendations for Anti-Money Laundering and eight Special Recommendations on Combating the Financing of Terrorism. The assessment reveals that Luxembourg has in place a solid criminal legal framework and supervisory system to address the significant challenge of money laundering. Luxembourg is broadly compliant with almost all of the FATF Recommendations. The main areas requiring further attention relate to the limited scope of predicate offences and the reporting of suspicions of financing of terrorism.