scholarly journals Luxembourg

2017 ◽  
Vol 17 (255) ◽  
Author(s):  
Keyword(s):  
Money Laundering ◽  
Financial Sector ◽  
Risk Profile ◽  
Technical Note ◽  
Assessment Program ◽  
Beneficial Ownership ◽  
Financing Of Terrorism ◽  
Made In

This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in the area of anti–money laundering and combating the financing of terrorism (AML/CFT). Since the last FSAP update, important steps have been taken to strengthen the AML/CFT regime. Luxembourg’s risk profile appears to be evolving as a result of the authorities’ push for increased tax transparency. Transparency of the beneficial ownership of legal persons has also improved. AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.

scholarly journals Luxembourg

2017 ◽  
Vol 17 (256) ◽  
Author(s):  
Keyword(s):  
Financial System ◽  
Institutional Arrangement ◽  
Financial Sector ◽  
Technical Note ◽  
Investment Fund ◽  
Macroprudential Policy ◽  
Assessment Program ◽  
Systemic Risks ◽  
Fund Industry ◽  
Made In

This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program for Luxembourg in areas of macroprudential framework and policies. Luxembourg has a large financial system that contributes a significant share of GDP and is globally interconnected. The institutional arrangement is broadly appropriate for effective macroprudential policy, but some areas should be strengthened. The monitoring and analysis of systemic risks by the Banque Centrale du Luxembourg is appropriate and performed on a timely basis. The authorities are encouraged to continue to increase efforts to monitor risks related to the investment fund industry.

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