AML

Spotlight on subscription tax: recent challenges and benefits

Let’s be honest, subscription tax in Luxembourg has never been center stage. Frankly, why would it? For most asset managers, it’s an administrative tax, handled back-office, with easy, straightforward rules. Subscription tax ) is calculated according to the type of fund vehicle and its rate varies between 0.01% and 0.05% with quarterly filings. No big deal. […]

Grand-Ducal Regulation of 14 August 2020: key changes and clarifications

On 14 August 2020, the CSSF amended the Grand Ducal Regulation (GDR) of 1 February 2010. This amended GDR updates and provides clarifications on certain provisions of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, notably regarding the amendments from the transposition of the fourth and fifth anti-money laundering (AML […]

CSSF Regulation 20-05: changes and clarifications

On 14 August 2020, Luxembourg’s financial regulator CSSF published Regulation 20-05 (“the Regulation”), amending CSSF Regulation 12-02 of 14 December 2012 regarding the fight against money laundering (ML) and terrorist financing (TF). The Regulation, which entered into force on 24 August 2020, aims to provide further clarifications to professionals regardi […]
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Will the Financial Action Task Force (FATF) visit really be postponed until October 2021?

On April 14th, the Ministry of Justice announced that the plenary discussion of the FATF report assessing Luxembourg's performance on combating money laundering has been postponed until October 2021. The initial plan saw a plenary discussion scheduled for June 2021, following an onsite visit from experts in October 2020. In the current context of the Covid […]
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Actions to take regarding Circular 18/9: insurers, take note

Luxembourg has recently completed its 2018 national risk assessment, which covers data from 2016–2017. This mandatory exercise was performed in preparation for the Financial Action Task Force (FATF) visit taking place in autumn 2020. The results from the assessment help clarify the money laundering and terrorist financing (ML/TF) risks the country faces, makin […]
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Last call for tax amnesty regularisations!

With the introduction of a temporary tax amnesty regime in 2016, taxpayers have been given the possibility to file corrective tax returns by 31 December this year. Part of the Law of 23 December 2016’s fight against tax fraud and money laundering, this regime represents an opportunity to report previously undeclared income without certain sanctions. The remain […]
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