The FATF on Luxembourg's doorstep

By Camille FratiLex KlerenMisch Pautsch Switch to French for original article

Planned for autumn 2021, the visit of the Financial Action Task Force delegation will finally take place in November 2022. This one-year delay has allowed Luxembourg to fine-tune its anti-money laundering measures.

The first frosts of autumn herald a visit to Luxembourg's political and financial circles that is, to say the least, dreaded. Dreaded? That is certainly not the word used, as caution is always the order of the day when it comes to any communication about the FATF. The FATF is indeed known to scrutinise the press in the countries it is going to evaluate. This explains why several major players, first and foremost Michel Turk, national coordinator of the fight against money laundering, have declined requests for an interview from the Lëtzebuerger Journal. "The visit of the FATF is of great importance for Luxembourg and the government prefers discretion", confided a financial sector professional on condition of anonymity.

A reservation that probably matches the stakes surrounding this 4th FATF evaluation. The Lëtzebuerger Journal had already detailed the importance of this visit for the financial centre and for Luxembourg as a whole in a previous article in early 2021. In summary, the last evaluation in 2010 was devastating for the country and its reputation. Luxembourg received a "partially compliant" rating for anti-money laundering obligations, the equivalent of a serious warning to the financial world. It took four years after that shock for the country to emerge from the humiliating follow-up procedure imposed on latecomers in the fight against money laundering and terrorist financing.

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