Edmond de Rothschild convicted of money laundering, fined €25 mln
In a landmark judgment with international resonance, a Luxembourg district court has, for the first time, convicted a domestic bank of money laundering, ordering the confiscation of 25 million euro from Edmond de Rothschild (Europe) S.A. for its role in the cross-border misappropriation of funds from Malaysia’s 1MDB sovereign wealth fund.
FATF visit to Luxembourg: what to expect and when
The exact arrival dates of the Financial Action Task Force on-site assessors in Luxembourg remain a secret, so expect them to arrive anytime soon. The two weeks these unnamed individuals will spend this month in Luxembourg are just a fraction of the 18-month audit to which Luxembourg’s anti-money laundering rules and practices are currently undergoing.
CSSF responds to AML scrutiny
The upcoming external audit of Luxembourg’s anti money-laundering (AML) stance is a major test for the country, its financial sector and the regulators. While the CSSF continues to maintain a low public profile, it has ramped up its work behind the scenes to respond to new demands by the Financial Action Task Force (FATF), an intergovernmental body set up to fight money laundering. The regulator is encouraging the industry to adopt best practices.