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By Papa Saliou DIOP, Christine FRENTZ, Sheroff Shafi SHAIKH, EY Luxembourg*
Luxembourg has implemented applicable EU and international rules and standards with regard to Anti-money Laundering (AML) and Counter Terrorist Financing (CTF). Against the heightened risk associated with financial transactions globally, increased regulatory watch has resulted in severe penalties including hefty fines and imprisonment.
Luxembourg’s regulatory framework
In Luxembourg, the main legal framework related to AML/CTF is the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended in 2020 (AML Law), the Grand Ducal Regulation of February 2010, as amended in 2020, and the law of 13...
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