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ARTICLE · 07 JANUARY 2019

Luxembourg Law Implementing The 4th AML Directive Has Been Adopted

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The alert summarises the main changes introduced to the Bill following the recent comments of the State Council.

LuxembourgGovernment, Public Sector
Gael Toutain
Gael Toutain
Suzana Guzu Mercea
Suzana Guzu Mercea

On 6 February 2018, the Luxembourg Parliament adopted the law implementing most1 of the 4th AML Directive2 into Luxembourg law (the "Law") and amending the 2004 AML Law3. The alert summarises the main changes introduced to the Bill following the recent comments of the State Council. For more details on the reform, click here to read our article in the December 2017 issue of ATOZ Insights.

The Law extends the group of Professionals and supervision authorities subject to the 2004 AML Law

New categories have been added to the list of professionals ("Professionals") bound by the obligation to fight money laundering and terrorism financing ("ML-TF") according to the amended 2004 AML Law. These new categories include: family office professionals, bailiffs, asset dealers, all betting and gambling establishments, trust and company service providers (when they act as director of a partnership or provide business premises), and branches of financial institutions exercising

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