Anti-money laundering, requirements and good practices to implement
Risk assessment – due diligence, organisation and cooperation – measures to be implemented Anti-money laundering and countering the financing of terrorism (AML/CTF) […]
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.
Risk assessment – due diligence, organisation and cooperation – measures to be implemented Anti-money laundering and countering the financing of terrorism (AML/CTF) […]
Administrative fines – criminal sanctions (2004 law and Penal Code) – judgment on agreement Anti-money laundering and countering the financing of terrorism […]
Suspicion: a feeling or belief that someone has committed a crime or done something wrong (Cambridge dictionary) Among the obligations imposed on […]
Money laundering – primary offence – tax fraud – constituent elements Money laundering consists in injecting money from illicit operations into the […]
Anti-money laundering : Legal framework AML Directives – amended law of 2004 – criminal Code – Circulars – Guidelines Background Anti-money laundering […]