Mutual Evaluation of Luxembourg: 6th Follow-up report
In February 2014, the FATF reviewed the progress made by Luxembourg in addressing the deficiencies identified in its 2010 mutual evaluation report. Luxembourg was placed in the regular follow-up process as a result of non-compliant (NC) and partially compliant (PC) ratings for twelve of the core and key Recommendations in its 2010 mutual evaluation report.
The FATF has concluded that Luxembourg has made significant process in addressing the deficiencies in the 2010 report and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on procedures agreed in October 2009.
The February 2014 follow-up report contains a detailed description and analysis of the actions taken by Luxembourg in respect of the core and key Recommendations rated PC or NC in the 2010 mutual evaluation report.
Among the key measures taken by Luxembourg are the following:
- Amending the AML/CFT regime with the introduction of new legislation with a view to:
- Reinforcing the legal framework for AML/CFT
- Addressing the deficiencies of the terrorist financing offence
- Introducing criminal liability for legal persons
- Adopting Grand-Ducal Regulations, and other Regulations to implement the provisions of the AML/CFT Regime