As 2021 draws to a close, the Luxembourg Financial Intelligence Unit (CRF) has just published its 2020 annual report in French. Here below a summary of the key findings.
Conclusion
There has been a decrease in the total number of reports, however, criminal tax offences and fraud remain areas where banks and insurers have reported the highest number of reports. Now that VASPs have been added to the list of professionals subject to the AML Law, the CRF maintains regular exchanges with the CSSF in order to identify the VASPs active in Luxembourg, which may not yet have complied with the registration requirement. This area will likely see more growth when the next year’s report is published.
