On 17 February 2017, the Commission de Surveillance du Secteur Financier (“CSSF”), together with the Financial Intelligence Unit (“FIU”) have published a new circular (hereafter, “the Circular”) providing more details on the professional duties relating to tax crimes that professionals should apply. Publication of Circular 17/650 extending the application of AML/CTF legislation to certain primary […]

The Luxembourg banker’s liability with regard to anti-money laundering and anti-terrorism financing requirements. Anti-money laundering and anti-terrorism financing rules existed in Luxembourg, as in the rest of Europe, for several decades. These rules are still discussed on an everyday basis and force most players of the financial place, especially the banks, to set up measures […]

The U.S. Department of Justice Tax Division and the Internal Revenue Service have been ramping up an intense crackdown on offshore tax evasion, and the IRS’s reduced resources due to new budget cuts is having no effect on IRS enforcement initiatives in this area. The government’s reach has extended far beyond Switzerland, where it is […]

Capping a six-month investigation, the International Consortium of Investigative Journalists (ICIJ) and its media partners are publishing a secret cache of leaked tax documents that show how multinational corporations throughout the globe routed profits through tiny and wealthy Luxembourg to reduce their taxes. Pepsi, IKEA, FedEx and 340 other international companies have secured secret deals […]