Regulatory Alerts2020-07-03
Added · Updated
Circular CSSF 20/744 — Complement to Circular CSSF 17/650 on predicate tax offences
Annex 1 of Circular CSSF 17/650 is replaced with a new list of indicators for reporting suspicions of laundering aggravated tax fraud or tax evasion, divided into common indicators and specific indicators for collective investment activities. Professionals under CSSF supervision must take these new indicators into account in their risk assessment and when designing risk mitigation measures for collective investment activities. The common indicators include factors such as customers in non-reporting jurisdictions, unexpected statutory changes, and unjustified complex structures. The specific indicators for collective investment activities address complex investment structuring, tax base erosion, transactions on unregulated markets, and issues related to SICAR status and subscription tax declarations.
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