Luxembourg Regulator Issues Fines After Panama Papers Probe – Tax

by Ulrika Lomas,, Brussels

03 January 2018

The Luxembourg financial regulator, the Commission de Surveillance du Secteur
Financier (CSSF), has fined several financial institutions for failing to adhere
to anti-money laundering (AML) laws following an investigation which began after the
publication of the Panama Papers.

The CSSF announced last month that it issued fines totaling just over EUR2m (USD2.4m)
to nine supervised entities, including four banks, after uncovering several
examples of “medium or even severe breaches” of Luxembourg’s AML and
Combating the Financing of Terrorism Laws. Several other firms received injunctions
as a result of less severe breaches of the laws, but “immediately”
brought themselves into compliance, the CSSF said.

The regulatory actions stem from a comprehensive review of corporate accounts
which was launched by the CSSF following the publication of the Panama Papers... read more at: