On 25 February 2021, the Luxembourg Chamber of Deputies adopted a bill of law, the main purpose of which is to amend the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended. This law aims to clarify certain concepts and correct clerical mistakes resulting from the transposition under Luxembourg law of the 5^th Anti-Money Laundering Directive.

Whilst the changes resulting from that law are of limited importance, it should be noted that this law provides:

• that professionals are required in all circumstances to identify their clients and the ultimate beneficial owner(s);
• that credit and financial institutions are obliged, when dealing with politically exposed persons, to establish the origin of the wealth and of the funds of the clients and ultimate beneficial owners identified as politically exposed persons; and
• additional information requirements for the registration as virtual asset service providers.

For more information, please contact Nicolas Marchand or Jasper Verhoog.