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Establishment Of A New Committee To Monitor Financial Restrictive Measures – Financial Services



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On 20 July 2022, the law of 20 July 2022 establishing a
monitoring committee on the implementation of financial restrictive
measures (the “Committee“) (the
2022 Law“) was published in the
Official Journal of Luxembourg.

The Committee is an interinstitutional agency, including seven
members representing the Minister for Finance, the Minister of
Foreign and European Affairs and the Minister of Justice, the
competent authorities for the financial and for the insurance
sectors (Commission de surveillance du secteur financier
and Commissariat aux assurances), the Registration, Domain
and VAT Administration (Administration de l’enregistrement,
des domaines et de la TVA
) and the financial intelligence unit
(Cellule de renseignement financier). The Committee
convenes at least twice a year.

The Committee aims i.a. at monitoring the
implementation of financial restrictive measures including (i) the
financial sanctions adopted by United Nations Security Council
resolutions and European Union acts, in the context of the fight
against terrorist financing and the proliferation of weapons of
mass destruction and (ii) the financial sanctions decided at
national level. The Committee also participates in notably the
development of legislation in this respect and in dissemination of
knowledge.

Furthermore, the 2022 Law amends Article 506-1 of the Criminal
Code to the extent that its scope now includes non-compliance with
restrictive measures adopted by Grand-Ducal regulation or by act of
the European Union or of the United Nations, as provided for under
the Law of 19 December 2020 on the implementation of restrictive
measures in financial matters, and the enforcement measures and
decisions referred to therein.

The 2022 Law enters into force on 24 July 2022.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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