LUXEMBOURG FAILING IN AML EFFECTIVEE
September 21st, 2023
The Financial Action Task Force (FATF) has demonstrated how it wants countries to focus as much on effectiveness as technical compliance, with its latest mutual evaluation report on Luxembourg requesting more AML action in high-risk sectors (1).
This grand duchy, despite being compliant or largely compliant with all FATF’s 40 recommendations, bar recommendation 8 on non-profits (partial compliance), has a much weaker effectiveness assessment. This major financial centre was found only moderately effective in AML supervision; preventative measures; ...
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