Luxembourg pressed to tighten controls on terrorist financing
Luxembourg’s financial watchdogs are stepping up their scrutiny of terrorist financing amid concerns that the Grand Duchy’s status as an international financial hub makes it vulnerable to abuse by illicit actors.
The new EU AML/CFT regime - what are the main upcoming changes?
The new EU AML/CFT regime addresses previous shortcomings by harmonizing regulations and enhancing enforcement tools, aiming to effectively prevent money laundering and terrorist financing, writes Claire Guilbert at Norton Rose Fulbright.
Luxembourg tax authority to get special AML unit
Luxembourg has decided to establish a special anti-money laundering (AML) unit within its tax administration following parliamentary approval. The head of financial supervisor CSSF, meanwhile, expressed his concern over the use of ‘outdated systems’ at the AML teams of asset and wealth management firms.
CSSF fines BNP Paribas €3 mln for laundering lapses
The CSSF has fined BGL BNP Paribas three million euro for significant lapses in its anti-money laundering and counter-terrorist financing compliance. It’s the second-largest fine ever imposed for AML failings in Luxembourg.
FATF: art market needs to improve AML-CFT
The world’s top body to fight money laundering and financial crime on Monday warned that the international high value art and antiquities market has become vulnerable to money laundering and the financing of terrorism. The Financial Action Task Force called on art dealers and governments to up their efforts to fight illicit funding in these markets.