Supporters of the new legislation stressed that Luxembourg is fulfilling its obligation regarding dark money, an issue that has risen to prominence in recent days due to the “OpenLux” investigations.
The law has adopted recommendations from the international Financial Action Task Force (GAFI) which is due to assess Luxembourg’s financial practises.
LSAP MP Dan Biancalana said that it is in everyone’s interests to make sure that Luxembourg’s financial hub, a big job creator, is evolving in the right direction. He also stressed that this law is a step forward in enacting the appropriate legislation for Luxembourg’s finance sector, given its size and international standing.
However, Green Party MP Josée Lorsché said that, despite recent efforts to fight money laundering and financing of terrorism, more needs to be done. She cites Europol figures that estimate that money laundering amounts to 1.2% of the EU’s GDP - €200bn. Lorsché also said that the new law manifestly contradicts allegations of the “OpenLux” campaign that the Luxembourgish state is just a bystander in money laundering.
Sven Clement of the Pirate Party stressed the importance of the legislation. This is not merely symbolic, but it is a substantial and genuine effort to curb illegal transfers, according to Clement.
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