Luxembourg

Member since 1990

Luxembourg's measures to combat money laundering and terrorist financing

27 Sep 2023

The Grand-Duchy of Luxembourg has a solid anti-money laundering and counter-terrorist financing (AML/CFT) framework and a good understanding of its money laundering and terrorist financing risks.
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Luxembourg Mutual Evaluation 2023

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
SE
IO6
SE
IO7
ME
IO8
ME
IO9
SE
IO10
ME
IO11
ME

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  • 27 Sep 2023

    Luxembourg's measures to combat money laundering and terrorist financing The Grand-Duchy of Luxembourg has a solid anti-money laundering and counter-terrorist financing (AML/CFT) framework and a good understanding of its money laundering and terrorist financing risks.

  • 14 Feb 2014

    Mutual Evaluation of Luxembourg: 6th Follow-up Report In February 2014, the FATF recognised that Luxembourg had made significant progress in addressing deficiencies identified in the February 2010 mutual evaluation report and decided that the country should be removed from the regular follow-up process. This follow-up report provides an overview of the main changes made to the AML/CFT system in Luxembourg since the 2010 mutual evaluation.

  • 14 Feb 2014

    Outcomes from the meeting of the FATF Plenary, Paris 12-14 February 2014 The FATF Plenary updated its statements identifying high-risk and non-cooperative jurisdictions. The Plenary adopted the follow-up reports to the mutual evaluations of Aruba Kingdom of the Netherlands, Austria, Canada, Luxembourg, Mexico and the Netherlands and reviewed the voluntary tax compliance programmes in several jurisdictions.

  • 19 Feb 2010

    Mutual Evaluation of Luxembourg This report summarises the anti-money laundering and counter-terrorist financing measures that were in place in Luxembourg at the time of the on-site visit 4-15 May 2009 and immediately thereafter. It describes and analyses these measures and offers recommendations on how to strengthen certain aspects of the system.

  • 19 Feb 2010

    Outcomes of the joint FATF-MENAFATF Plenary meeting, Abu Dhabi, 17-19 February 2010 The Chairman's summary provides an overview of the major outcomes of the Plenary, which includes the publication of the mutual evaluations of Germany and Luxembourg.

Luxembourg Mutual Evaluation 2023

R.1 - Assessing risk & applying risk-based approach
C
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
C
R.15 - New technologies
LC
R.16 - Wire transfers
C
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
C
R.23 - DNFBPs: Other measures
C
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
C
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
C
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
C
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

In 2015, the FATF and APG assessed the effectiveness of Australia's measures to combat money laundering and their compliance with FATF Recommendation.  The report concluded that Australia has a mature regime for combating money laundering and terrorist financing, but that certain key areas remain unadddressed. 

The Mutual Evaluation Report of Australia, recognised that Australia has a good understanding of its money laundering risks, coordinates domestically to address these risks, and has highly effective mechanisms for international cooperation. However, the authorities focus more on the disruption of predicate crimes, rather than on the laundering of the proceeds of these crimes and their confiscation. Therefore, while the report recognises that Australia develops good quality financial intelligence which it shares with law enforcement bodies and other authorities, the report concludes that this information should lead to more ML/TF investigations. 

“Australia has made sound progress in implementing the FATF international standards for combating money laundering and terrorism financing since its last evaluation in 2005. While the FATF recognises the positive improvements made by the Australian government, we seek to encourage further actions in a number of areas highlighted in this report", said FATF Vice President, Je-Yoon Shin.

Following this mutual evaluation, Australia is in an enhanced follow-up process and must report back regularly about the progress it has made in addressing the techical compliance deficiencies and may rerate the country to reflect this progress.   However, this follow-up process does not focus on effectiveness. The effectiveness of Australia's actions to combat money laundering and terrorist financing will be assessed in the 5th round of mutual evaluations.