On 17 February 2017, Luxembourg's financial regulator (Commission de Surveillance du Secteur Financier – CSSF) issued a circular drawn up with the Financial Intelligence Unit in order to provide:

  • Practical details regarding the dispositions relating to primary tax offences and
  • A list of indicators that might give rise to a professional obligation to report suspected money laundering.

Following the recent introduction of aggravated tax fraud and tax swindling into the list of primary money laundering offenses into the Luxembourg criminal code, the CSSF has highlighted professional obligations regarding customer due diligence, internal organization and cooperation with the authorities.

A list of the indicators that might create a professional obligation to file suspicious activity reports is attached to the circular.

The circular (CSSF 17/650) is only available in French.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.