A draft law examined this Monday in the Finance Committee aims to optimize the fight against money laundering in Luxembourg. Domestic surveillance and international cooperation are the two axes.
What do a jeweler, a garage, a real estate agent and developer, or an art dealer have in common? All these professions are mentioned in a draft law aimed at better combating money laundering and the financing of terrorism.

Examined this Monday in the Finance Committee of the Chamber, the text also cites "providers of virtual currencies or virtual assets".

Another measure adopted by the bill is that "electronic identification" is introduced in order to better identify the risks of certain transactions and, above all, to verify the beneficiaries.

Strengthening the power of supervisory  authorities
Based on the 5th Anti-Money Laundering Directive, the text refers to the lists of "persons at risk" drawn up by the European Union and the UN, while lists of "high-risk countries" are being drawn up.

In the same vein, the anti-money laundering prosecutor's office, the Financial Intelligence Unit, the CSSF, the Commissariat aux assurances and the Administration de l'Enregistrement et des Domaines will see their power and their means of sanction and cooperation strengthened.

Finally, the international standards and recommendations defined in February 2012 and updated in October 2018 by the FATF (Financial Action Task Force), the body overseen by the OECD in charge of the fight against money laundering and the financing of terrorism, will be fully introduced in the Grand Duchy.

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