Having adopted the report in June, the FATF commends Luxembourg for largely adhering to its recommendations and acknowledges the effectiveness of implemented anti-money laundering measures. However, the report also underscores the need for the Grand Duchy to bolster its resources further to improve its ability to detect, investigate, and prosecute intricate money laundering cases.
Claude Marx, the director of the Financial Sector Supervisory Commission (CSSF), shared insights from this assessment on RTL Radio last week. He noted the dedication of the police, the financial intelligence unit of the public prosecutor’s office, and the examining magistrates but suggested that the government should consider increasing staff numbers.
In 2010, Luxembourg was placed on a grey list, which damaged the reputation of its financial centre.
