Law, Tax, Compliance
FATF evaluation: the plenary adopts the final report on Luxembourg
Published on 26 June 2023
The evaluation examines Luxembourg’s compliance with FATF standards and the effectiveness of their implementation, with the final report providing recommendations for further improvements to the country’s fight against money laundering and terrorist financing.
Summary
The plenary of the Financial Action Task Force (FATF) has examined and adopted the mutual evaluation report on Luxembourg. This is the final stage in the FATF’s evaluation of Luxembourg in the fight against money laundering and terrorist financing.
The FATF evaluated not only technical compliance but also the effectiveness of the implementation of the standards. This is a first for Luxembourg which, according to the FATF press release, “has reached a high level of technical compliance with the FATF’s requirements and its AML/CFT regime is delivering good results”.
Next steps
The report will undergo a post-plenary quality and consistency process and will be circulated to all FATF members. This process will take several weeks, after which the report will be considered final.
The final report will be published at the end of the summer. It will include an in-depth analysis of the AML/CFT system and recommendations for further improvement.
Until the final report has been published, the country is not authorised to release details of the assessment.
Source: Press release from the Ministry of Justice and the Ministry of Finance
Sandrine Roux
Secretary General, ABBL
Published on 26 June 2023