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Slowly but surely, Luxembourg is complying with AMLD 4

Paul Hodgson | February 27, 2018

EU states have been slowly implementing the requirements made into law on 20 May 2015 regarding the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, in accordance with the 4th AML/CFT Directive (AMLD 4), Directive 2015/849. The latest is Luxembourg, whose parliament published two draft laws to implement transparency measures on 6 December last year. Both are intended to create central registers of beneficial owners, one of the main thrusts of AMLD 4. They do not cover listed firms in Luxembourg, which are covered by other AML laws, but do cover other business entities.

With Luxembourg becoming a prime location venue for investment firms, banks, and other financial services companies as a result of Brexit, the new laws in Luxembourg become especially relevant. Luxembourg is notoriously against so-called “letter box” offices, where companies merely obtain an address without having an actual operation in the country, so...

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