Annual Report - paperJam

Mutual assistance in criminal matters
The purpose of the law on mutual assistance
in criminal matters is to approve two texts of
European conventions in the field of mutual
judicial assistance in criminal matters: the
Convention of 29 May 2000 and the Protocol
of 16 October 2001. The 2001 Protocol tends
to broaden the scope of mutual assistance
between the Member States and, in particular,
sets out rules applicable to applications for mutual
assistance concerning bank information.
The 2001 Protocol requires each Member State,
upon request and in certain specific cases, to
take the measures necessary to provide the applicant
state with 1°) information specifying whether
a particular person holds or controls one or more
bank accounts at a bank situated on its territory
and 2°) in a second step, information on banking
operations which have been carried out during
a specified period on this account. The Member
States shall also adopt internal measures enabling
transactions effected on an account to be supervised
for a particular period of time.
Credit institutions shall not reveal to the client
concerned or to third parties (without the express
prior consent of the authority which ordered the
measure) the fact that documents have been
seized or that documents or information are to
be communicated to a foreign State as a result of
the execution of a request for mutual assistance.
The right to inform the client still exists if funds
are seized. The right of recourse of the client is
replaced by an automatic verification of the
regularity of the proceedings by the Chambre du
Conseil. When his accounts have been seized, the
client is allowed to present a memorandum within
ten days of notification of the act to the bank.
New law on money laundering
The law of 27 October 2010 amended some 21
existing laws. Its purpose is to respond to FATF
criticisms of the Luxembourg rules on the prevention
of money laundering and the financing of
terrorism.
The law somewhat extends the list of primary
offenses, the definition of the offence of money
laundering, and the categories of professionals
concerned. The law confers a legal existence on
the Financial Intelligence Unit (FIU). The unit itself
is placed under the authority of a deputy public
prosecutor. It has exclusive nationwide authority
in the area of the prevention of money laundering
and the financing of terrorism. The law now defines
clearly its missions.
14 April 2010
13 April 2010
Luxembourg for Finance and Mosfinagency sign
a Memorandum of Understanding to contribute to
the development of both financial centres.
ABBL Response to the Basel Committee’s Consultative
Document “International Framework for Liquidity Risk
Measurement, Standards and Monitoring”.
ABBL Response to the Basel Committee’s Consultative
Document “Strengthening the Resilience of the Banking Sector”.
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