Category: Anti-money laundering

anti-money laundering :

The fight against money laundering and the financing of terrorism (AML/CFT) is a key issue for many professionals. This is particularly true in Luxembourg.

From an operational point of view, it is difficult to have an exhaustive vision of the legislative framework.

In order to better understand the philosophy of the AML/CFT, it is necessary to understand the following. The identification of offences is not the sole responsibility of the judicial authorities. The legislator requires professionals to actively contribute to the detection of AML/CFT offences. In case of non-compliance, each professional is liable for its failures.

It is therefore appropriate to make the following two observations:

It is imperative to implement the necessary means to effectively combat money laundering. And this even if it represents an undeniable operating cost;
Non-compliance with AML/CFT regulations can have serious financial, reputational and even criminal consequences.

Former US Assistant Attorney General Paul McNult’s phrase sums it up perfectly: “If you think compliance is expensive, try non-compliance”.

The topics covered in this section provide some guidance on the applicable legal regime. Various operational aspects that need to be implemented are also discussed.

Anti-money laundering in Luxembourg.