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ARTICLE · 08 APRIL 2014

Luxembourg Newsletter - March 2014

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The Financial Action Task Force reviewed the progress made by Luxembourg in addressing the deficiencies identified in its 2010 mutual evaluation report.

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

AML

AML UPDATE

Mutual Evaluation - FATF: a new start for Luxembourg

In February 2014, the Financial Action Task Force ("FATF") reviewed the progress made by Luxembourg in addressing the deficiencies identified in its 2010 mutual evaluation report. Luxembourg was placed in the regular follow-up process as a result of non-compliant and partially compliant ratings for twelve of the core and key recommendations in its 2010 mutual evaluation report. The February 2014 follow-up report contains a detailed description and analysis of the actions taken by Luxembourg in respect of the 2010 mutual evaluation report.

Among the key measures taken by Luxembourg, FATF acknowledged the amendments made to the AML/CFT regime through the introduction of new legislation:

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