Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

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4. Results: Answers
Financial crime
What provisions govern money laundering and other forms of financial crime in your jurisdiction and what specific implications do these have for fintech companies?

Answer ... With regard to money-laundering rules in relation to fintech companies, as well as tokens and cryptocurrencies in particular, intense efforts are being made towards the adoption of an efficient regime. The Fifth Anti-money Laundering Directive provides the relevant legal tools to combat any form of financial crime. The directive has extended the regulatory regime to providers that are actively engaged in relevant exchange services between fiat and virtual currencies, as well as all types of custodian wallet providers. This directive is currently being in the process of implementation in Luxembourg. Draft Bill n°7467 implementing certain provisions of the Fifth Anti-money Laundering Directive has been filed with the Luxembourg Parliament on 8 August 2019 and we are still waiting for advices to be issued by the different bodies ( Council of State, Chamber of Commerce….).

Other types of financial crime include corporate fraud, bribery and corruption. These activities are regulated by the Modified Law on Commercial Companies and the Luxembourg Criminal Code.

For more information about this answer please contact: Anne-Marie Nicolas from Loyens & Loeff