Luxembourg, awaiting FATF visit, is under AML spotlight
A crucial test awaits Luxembourg’s financial centre in just a couple of months. The Financial Action Task Force (FATF) – the global anti money-laundering and combatting terrorism financing (AML/CFT) watchdog – plans to visit in November for an in-depth audit. How is the Grand Duchy placed?
ING braces for Luxembourg AML indictment
Dutch financial group ING is bracing for a criminal indictment in Luxembourg over its failure to properly manage anti-money laundering (AML) processes at its unit in the Grand Duchy.
The bank said it was informed in January by a Luxembourg investigating judge that he intends to instruct the relevant prosecutor to prepare a criminal indictment regarding shortcomings in the anti-money laundering at ING Luxembourg.
Luxembourg reforms its business registers
Part of Luxembourg’s effort to tackle allegations that it enables questionable business and tax practices through a lack of transparency will be significantly upgraded through new rules, technical capacities, increased staff and administrative penalties by 2023.
Under a reform project involving a draft Grand-Ducal regulation announced last week, the Luxembourg government body that makes available business registration information – including a ultimate beneficial owner registry - will be overhauled and have its staff doubled.
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.