On 20 July 2022, the law of 20 July 2022 establishing a monitoring committee on the implementation of financial restrictive measures (the "Committee") (the "2022 Law") was published in the Official Journal of Luxembourg.
The Committee is an interinstitutional agency, including seven members representing the Minister for Finance, the Minister of Foreign and European Affairs and the Minister of Justice, the competent authorities for the financial and for the insurance sectors (Commission de surveillance du secteur financier and Commissariat aux assurances), the Registration, Domain and VAT Administration (Administration de l'enregistrement, des domaines et de la TVA) and the financial intelligence unit (Cellule de renseignement financier). The Committee convenes at least twice a year.
The Committee aims i.a. at monitoring the implementation of financial restrictive measures including (i) the financial sanctions adopted by United Nations Security Council resolutions and European Union acts, in the context of the fight against terrorist financing and the proliferation of weapons of mass destruction and (ii) the financial sanctions decided at national level. The Committee also participates in notably the development of legislation in this respect and in dissemination of knowledge.
Furthermore, the 2022 Law amends Article 506-1 of the Criminal Code to the extent that its scope now includes non-compliance with restrictive measures adopted by Grand-Ducal regulation or by act of the European Union or of the United Nations, as provided for under the Law of 19 December 2020 on the implementation of restrictive measures in financial matters, and the enforcement measures and decisions referred to therein.
The 2022 Law enters into force on 24 July 2022.
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.
