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Luxembourg's money laundering risk: The threat mainly comes from abroad!
Luxembourg updates its risk analysis on money laundering: foreign countries threaten national security. Important information about risks and prevention.
Luxembourg's money laundering risk: The threat mainly comes from abroad!
Luxembourg has updated its national money laundering risk assessment. According to a statement from the Justice Department released on Monday, the biggest threats to the country are emerging from abroad. These risks result primarily from crimes such as fraud, tax offenses and corruption, while the domestic risk is considered to be lower due to the overall low crime rate.
However, the ministry describes specific domestic threats, including fraud, counterfeiting, theft and drug trafficking. The risk assessment update also shows that certain sectors and professional groups are considered particularly vulnerable to money laundering.
Risk assessments in different sectors
In the financial sector, banks, investment firms, electronic money institutions, payment services, specialized financial service providers as well as providers of virtual assets and the life insurance sector are considered “high risk”. Risks in the non-financial sector are also high, particularly in legal and accounting professions. Auditors and bailiffs are classified as “medium risk” in this analysis.
These findings are in line with the national and European risk analyzes that have been prepared or updated in recent years. While in the past the focus was primarily on general trends, there is now specific information about which sectors are particularly at risk. In this context, it should be noted that the Money Laundering Prevention Department (GW) has been carrying out subnational risk analyzes in the area of money laundering and terrorist financing prevention for several years, based on national and international data.
- Juli 2019: Aktualisierung der supranationalen Risikoanalyse der EU (SNRA).
- Oktober 2019: Veröffentlichung der ersten deutschen nationalen Risikoanalyse (NRA).
- März 2020: Veröffentlichung der subnationalen Risikoanalyse 2019/2020.
These ongoing analyzes are crucial to better understand the risks in the domestic financial sector and to derive effective risk mitigation measures. Current sources on the topic, such as those from Lesseniel and the BaFin, offer valuable insights into the ever-growing challenges in the fight against money laundering and the associated risks.