Finance minister announces subsidies for public security tools

Minister of Finance Gilles Roth has announced plans to subsidise cybersecurity "tools" for the public, following a recent spate of online attacks and fraud cases that have resulted in financial losses for private individuals.

Minister Roth expressed his regret over these incidents after a Monday meeting of the Parliamentary Finance Committee, stating that the government, alongside the Chamber of Deputies, intends to develop solutions.

According to Roth, strengthening the Financial Intelligence Unit of the public prosecutor's office is one of several "individual elements" in a broader strategy. He emphasised that the government should not shy away from publicly subsidising other tools to guarantee a higher national level of cybersecurity.

The Minister also linked robust cybersecurity to the reputation of Luxembourg's financial centre. Framing it as a matter of national defence, he stated that cyberattacks should be considered attacks on NATO and promised to present concrete "action plans" in the coming months.

Easier access to bank accounts under discussion

The minister also addressed the frequent complaints from companies about the difficulty of opening a bank account in Luxembourg. While acknowledging that efforts have already been made, Roth promised further action. He stated that generalising access to information for banks would be an important step toward a solution.

Inspired by a model in France, the Minister is considering a system where companies and individuals refused an account could have their case reviewed by the central bank. For Luxembourg, Roth suggested that public institutions like the POST Group or Spuerkeess could potentially step in to provide access to an account for these clients.

However, he was quick to add that any such solution must not come at the expense of necessary financial controls and security rules, which must remain firmly in place.