DS Compliance

Tax transparency of the financial sector: here we are

The CSSF Circular 15/609 is the first step..

April 02, 2015

The trend since a few months and confirmed many times by the Luxembourg government comes into reality and explicitly by the clear position of our supervisory authority with the Circular 15/609, which concerns two levels:

At European level:

Tax offences are now considered as primary offences of money laundering. After many discussions at European level about the Project of 4th Directive on AML/CTF, it seems that a position has been taken...Then, we will have to check the text of the 4th AML Directive to be published in the coming weeks. Shall it include tax swindle, tax fraud, tax evasion as primary offences? Soon, we will know more.

At OECD level:

The position demonstrates that we move towards more tax transparency and the compliance with OECD criteria. As a reminder, Tax Transparency Report issued on 2014 classifies Luxembourg as  non-compliant (as British Virgin Islands, Cyprus and Seychelles). See downloaded report

Luxembourg shall be compliant in the autumn during the next meeting of OECD, once published the assessment results.

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