The AML-CTF professional obligations from a tax compliance perspective

Objectives

The training aims at explaining the impacts of the regime resulting from the law of 23 December 2016 implementing the tax reform of 2017 (Tax Compliance Law) and of the amended CSSF Circular Letter 17/650 of 17 February 2017 (CSSF Circular) on the Anti-Money Laundering and counter-terrorism financing (AML-CTF) rules and professional obligations currently applicable to Luxembourg financial institutions and will focus on their practical implications.

Content

• Brief reminder of the main changes brought by the laws implementing the 4^th and 5^th  AML Directives: practical focus on main objectives and main changes
• Historical background and provisions to look out for
• The predicate offences as defined under the Tax Compliance Law:
  • Differentiation between “simple tax fraud”, “enhanced tax fraud” and “tax swindle”
  • Explanation of which taxes are involved
  • Scope of customer due diligence (CDD) obligations in relation to tax crimes
• When to carry out a suspicious activities report (SAR): practical approach to the obligation to carry out a SAR on the basis of the amended list of indicators of a suspicious behavior (from a tax compliance perspective) in the CSSF Circular
• Other practical impacts for professionals
• Sanctions: focus on criminal sanctions vs. administrative sanctions in relation to the amount, the conditions and the persons concerned by such sanctions; description of the administrative sanctions and measures which must at least be applied in certain circumstances and specific sanctions for breaches involving credit institutions or financial institutions

Speakers

Our speakers belong to both our specialised and complementary teams and as such cover all legal, regulatory, taxation and advisory aspects of doing business in Luxembourg. We invite you to check our training agenda where the speakers are listed on each training session.

Target Group

Professionals in charge of front office, administration, legal and compliance functions in banks or other professionals of the financial sector.

Duration

1.5 hours.

Languages

English, French, German.

For any information, please contact us by e-mail institute@arendt.com