EU Sanctions: When Does a Shareholder’s Stake Lead to Freezing of Company Assets? – Insights from the EM System UAB Case
On July 3, 2025, Advocate General Tamara Ćapeta delivered her opinion in the significant case C-84/24 before the Court of Justice of the European Union (CJEU).
The core question: Is it sufficient for the freezing of a company’s bank accounts that a sanctioned person holds exactly 50% of its shares?
Summary of the FATF webinar on terrorist financing risks held on July 22, 2025
The webinar centered on the release and discussion of a comprehensive update on terrorist financing (TF) risks, marking the first significant review since 2015.
The session provided a detailed examination of the evolving landscape of terrorist financing, highlighting how the methods, channels, and risks have shifted over the past decade.
It aimed to inform a broad audience, including policymakers, law enforcement officials, private sector representatives, academics, and civil society actors,
about current trends and emerging threats in order to strengthen collective efforts against terrorist financing.
The EU Sanctions Helpdesk supports European operators in complying with restrictive measures
The EU Sanctions Helpdesk, launched in 2025, is a new and valuable resource for businesses needing guidance on sanctions compliance and due diligence.
Set up on behalf of the European Commission and funded by the Service for Foreign Policy Instruments (FPI), the Helpdesk is part of the wider project “Support to EU SMEs on EU Sanctions Due Diligence.”
Its primary goal is to help companies – especially small and medium-sized enterprises – navigate the complex landscape of both UN and EU restrictive measures,
ensuring they meet legal obligations and avoid costly compliance errors.
FATF Report highlights major gaps in global response to Proliferation Financing and Sanctions Evasion
A new FATF report released on 20 June 2025 reveals significant weaknesses in the global financial system’s ability to counter the financing of weapons of mass destruction (WMD).
Despite the serious threat, only 16% of countries evaluated have shown strong effectiveness in implementing targeted financial sanctions under UN Security Council resolutions.
The report highlights that both public and private sectors need to urgently improve their technical compliance and enforcement efforts, as current gaps allow proliferators to exploit the system.
Understanding the term ‘Terrorism’: A complex history and varied meanings
The word “terrorism” is everywhere in the news today, but have you ever stopped to think about where this term comes from and what it really means?
Who benefits from AI in Money Laundering in Europe: The Organised Criminals or the AML Services?
The rapid rise of artificial intelligence (AI) is reshaping many areas of our lives, not least the complex and critical field of financial security. A recent study explores how AI is changing the fight against money laundering across Europe. The research provides compelling evidence on whether AI primarily supports anti-money laundering (AML) efforts or if it inadvertently aids organised criminals by empowering their schemes.
The study examines data from 2017 to 2023 across 19 European countries, using a combination of AI adoption metrics, governance quality indicators, and economic variables. Its findings reveal a nuanced picture: while AI adoption generally improves AML performance, too much reliance on AI can introduce new vulnerabilities that criminals may exploit. This dynamic creates a technological tug-of-war where both sides leverage AI for their purposes, making the battle for financial integrity increasingly complex.
Luxembourg updates its national money laundering risk assessment
Luxembourg has completed its 2025 National Risk Assessment (NRA 2025) on money laundering (ML), under the direction of the Ministry of Justice and the coordination of the Comité de prévention BC/FT.
This update builds on previous assessments (2018 and 2020), using data from 2020 to 2023, and focuses specifically on ML risks, with a separate assessment for terrorist financing to follow.
The main aim is to adapt national understanding and management of ML/TF risks in line with evolving threats, allowing authorities and professionals to prioritize resources effectively and implement a risk-based approach.
Luxembourg Reports Ongoing Progress in Combating Financial Crime
Regulatory Framework and Supervision
Luxembourg has implemented comprehensive measures to combat money laundering and terrorist financing, with the Administration de l’enregistrement, des domaines et de la TVA (AED) playing a crucial role in supervising non-financial sectors.
The AED’s Financial Crime Division, staffed by 17 professionals (p.259), focuses on prevention through guidance, conferences, document reviews, and on-site inspections of professionals under its supervision.
Luxembourg also maintains a registry of trusts and fiduciary arrangements in accordance with the law of July 10, 2020, providing transparency regarding beneficial owners.
EU AI Act: AML and Fraud Detection AI Not ‘High-Risk’
Did you know that AI systems used specifically for Anti-Money Laundering (AML) and fraud detection in financial services are not classified as ‘high-risk’ under the EU AI Act?
This distinction is important for the financial and compliance sectors! Here’s the detailed scoop:
Analysis of EU AI Office stakeholder consultations on defining AI systems and prohibited applications
The Commission published a report analyzing stakeholder feedback from public consultations on the AI Act’s regulatory obligations regarding the definition of AI systems and prohibited AI practices, highlighting calls for clearer technical definitions and concrete examples of prohibited activities.
Second thematic review on the use of Artificial Intelligence in the Luxembourg financial sector
The Banque centrale du Luxembourg (BCL) and the Commission de Surveillance du Secteur Financier (CSSF) published today the second thematic report on the use of Artificial Intelligence (AI) in Luxembourg’s financial sector.
Building on a similar study conducted in 2023, this report examines the evolving adoption of AI within the sector, with a particular focus on the growing prevalence and associated risks of Generative AI (GenAI).
The report presents the findings of a survey conducted between June and August 2024, encompassing Investment Firms (IFs), Authorised Investment Fund Managers (IFMs/AIFMs), Credit Institutions (B), E-money Institutions (EMIs),
and Payment Institutions (PIs). This expanded scope represents more than a threefold increase in participation compared to the previous survey, which focused solely on Credit Institutions, E-money Institutions and Payment Institutions.
Key Insights from AMLA Chair Bruna Szego on Fighting Financial Crime in Europe
At the European Anti-Financial Crime Summit in Dublin, Ms. Bruna Szego, the inaugural Chair of the European Anti-Money Laundering Authority (AMLA), delivered a keynote speech, to an audience of public and private sector stakeholders,
highlighting the Authority’s strategic priorities and the urgent need for unified, cross-sector action against financial crime.
Ms. Szego presented AMLA’s immediate priorities, organized around three aspects, namely establishing operational foundations, building supervisory and FIU coordination capacity, and fostering a culture of cooperation in AML.
The full text of the speech is available on the
AMLA website.
Watch the video if you are interested in a short summary of Bruna Szego’s speech.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
CSSF 2025 AML/CFT Conference dedicated to investment firms
On 28 March 2025, the department of supervision of investment firms of the Commission de Surveillance du Secteur Financier (CSSF) held its annual AML/CFT conference at the Chamber of Commerce.
A redacted version of the presentation slides can be consulted on the
CSSF website.
Watch the video if you are interested in a short summary of the publicly available presentation slides.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
The EBA consults on new rules related to the anti-money laundering and countering the financing of terrorism package
The European Banking Authority (EBA) launched a public consultation on four draft Regulatory Technical Standards (RTS) that will be part of the EBA’s response to the European Commission’s Call for Advice.
These technical standards will be central to the EU’s new AML/CFT regime and will shape how institutions and supervisors will comply with their AML/CFT obligations under the new AML/CFT package.
The press release is available on the
EBA website.
Watch the video if you are interested in a short summary of the proposed RTSs.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
CSSF 2025 AML/CFT Conference for Specialised PSF
On 27 January 2025, the Commission de Surveillance du Secteur Financier (CSSF) held its annual AML/CFT conference dedicated to Specialised Professionals of the Financial Sector.
A redacted version of the presentation slides can be consulted on the
CSSF website.
Watch the video if you are interested in a short summary of the publicly available presentation slides.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
FATF Public Consultation on Complex Proliferation Financing and Sanctions Evasion Schemes project
The FATF is undertaking a study aimed at improving country and private sector understanding of current Proliferation Financing (PF) risks.
This study will detail the evasion techniques used by those evading the targeted financial sanctions detailed in Recommendation 7,
which is required by the FATF Standards, as well as other national and supranational sanctions that are not covered by the FATF Standards.
The resulting report will focus on providing a comprehensive up-to-date understanding of typologies in complex sanctions evasion schemes relevant to
PF and identifying enforcement challenges and best practices, which helps to inform countries’ PF risk assessment and risk mitigation.
The publication details are available on the
FATF website.
Watch the video if you are interested in a short summary.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
Landmark Ruling on non bis in idem in Luxembourg AML/CFT Proceedings
Introduction
On 26 February 2025, the Luxembourg Court of Appeal delivered a landmark ruling in the field of anti-money laundering and counter-terrorist financing (AML/CFT) concerning the application of the non bis in idem principle when both administrative and criminal sanctions are pursued for the same conduct. This report reviews the case details, legal reasoning, and implications for the financial sector and regulatory framework.
CSSF ML/TF Sub-sector Risk Assessment - Collective Investment Sector - 2025 update
This update of the Sub-sector Risk Assessment (SSRA) – Collective Investment Sector (CIS), following the 2020 and 2022 reports and published on 24 February 2025, highlights the continued success of the efforts made by the private and public sectors in mitigating the risks of money laundering and terrorist financing (ML/TF) within the CIS.
The SSRA CIS 2025 update can be consulted on the
CSSF website.
Watch the video if you are interested in a short summary of the publicly available risk assessment.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
What is on the Board’s agenda?
Financial crime risk (12) and fraud risk (20) are not among the top 10 issues receiving attention from the board.
Employee-related risks (26), such as fatigue and well-being, are also not a top topic.
CSSF FAQ on AML/CFT asset due diligence obligations in accordance with CSSF Regulation No 12-02
This update is of interest to professionals within the scope of CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing, as amended (“CSSF Regulation 12-02”).
It refers to questions & answers in relation to the implementation of Article 34(2) of CSSF Regulation 12-02.
The FAQ can be consulted on the
CSSF website.
Watch the video if you are interested in a short summary of the publicly available FAQ.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
CSSF FAQ on the AML/CFT Summary Report RC (SRRC) on compliance with AML/CFT obligations in accordance with Circular CSSF 24/854
The FAQ can be consulted on the
CSSF website.
At the time of this article being written, version 3 of the CSSF FAQ is available.
Watch the video if you are interested in a short summary of the publicly available FAQ.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
The Financial Conduct Authority (FCA) recently urged financial firms to ensure that parliamentarians, senior public servants, and their families are not unfairly treated. Here’s what you need to know.
Art trafficking is a serious issue. Criminals use art to launder money. They exploit the lack of regulation in the art market. This makes it easy to hide illegal money.
The new report by Europol’s European Migrant Smuggling Centre (EMSC) looks into the latest developments and main threats in migrant smuggling and trafficking in human beings, based on the most recent operations supported by Europol.
The report highlights the main challenges presented by the current criminal landscape, and aims to help law enforcement step up the fight against criminal networks.
Luxembourg is stepping up its game in the fight against money laundering.
Following parliamentary approval, the country is setting up a special anti-money laundering (AML) unit within its tax administration. This move aims to protect Luxembourg’s reputation as a banking and financial hub.
How to choose the right data protection officer for your company.
Data protection is not just a legal must - it’s crucial for the trust and security of your organisation. But how do you find the right data protection officer (DPO)? Here’s what you need to know!
Launch of the Funds Community Forum: A New Hub for Investment Fund Professionals.
We are thrilled to announce the launch of the Funds Community Forum, a new platform designed to connect professionals, enthusiasts, and experts within the investment fund industry. This forum aims to foster networking, knowledge sharing, and staying updated on the latest trends and insights in our field.
concilio et labore GmbH has entered into a partnership that is set to change the way we approach identity verification for AML/KYC purposes.
Accessible font Atkinson Hyperlegible improves readability.
We are now using the Atkinson Hyperlegible font, which is named after the founder of the Braille Institute, J. Robert Atkinson.
This typeface differs from traditional typography in that it focuses on the differentiation of letterforms to improve the
recognisability of characters and thus legibility.
The European Banking Authority (EBA) has released its findings from a review of competent authorities’ risk-based approaches and governance systems to combat money laundering and terrorist financing (ML/TF) risks in the supervised entities of the banking sector.
In their approach to supervision of financial services, the report indicates that progress has been made by the supervisors, with some authorities implementing significant changes in their Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) risk management systems within banks.
Through its promotion of a holistic approach to supervision, the EBA’s efforts have resulted in tangible progress by many authorities in addressing ML/TF risks through prudential supervision and improving their systems and controls. To effectively tackle ML/TF risks and ensure compliance,
most supervisors in the financial services sector must strengthen their supervisory processes, and adopt a risk-based approach in their respective banking sectors.
The Intellectual Property Office of the Ministry of Economy, in collaboration with the Intellectual Property Institute of Luxembourg (IPIL GIE), is organising today, Tuesday 25 April,
the 15th edition of the Luxembourg Intellectual Property Day. Under the title “Intellectual Property, an economic stake”, the event will focus on the interest of intellectual property in
the context of the dual green and digital transition of the national, European and international economy.
This is a good opportunity to recall a recent judgment of the Luxembourg Court of Cassation (Judgment No. 02/23). In it, the Court of Cassation clarified the issue of the transfer of
intellectual property rights, stating that in the absence of a written document, the transfer of an author’s economic rights is deemed not to have taken place, even in the context of
an employment contract.
The Digital Operational Resilience Act (DORA) is a new regulation that was put into effect in the European Union in January 2023 and will apply from January 17, 2025. Its goal is to regulate
the use of information and communication technology (ICT) and digital operational resilience in the financial sector. DORA applies to various financial institutions, including banks, insurance
companies, and investment firms, as well as to service providers that offer critical ICT services to these entities.
One of the main objectives of DORA is to ensure that the boards of directors of financial institutions take an active role in guiding and adapting the overall strategy for ICT risk management
and operational resilience. This means that the board is ultimately responsible for the ICT risk management of the entity. To meet this responsibility, boards must define, oversee, and be
accountable for the implementation of all arrangements relating to the ICT risk management framework.
In May 2022, the Court of Appeal issued judgment no. 99/22 on the autonomy of a sub-fund of an open-ended investment company (SICAV). The SICAV was governed by the law of 13 February 2007 on specialised investment funds and was constituted as a limited partnership with shares (SCA). The sole limited partner held 100% of the assets of the sub-fund and requested the general partner to convene a general meeting to consider liquidation. The general partner refused and the sole limited partner applied to the court for the appointment of an ad hoc representative to convene the meeting.
The SCA appealed the decision of the District Court, arguing that the sole limited partner did not have the right to request the convening of a general meeting at the sub-fund level. The SCA argued that Article 450-8 of the 1915 law, which allows shareholders representing one tenth of the share capital to request a general meeting, was not applicable in this case as it only applies to public limited companies and not to limited partnerships with shares.
The court analysed the request of the sole limited partner and found that the 10% requirement of article 450-8 was met because each compartment of the SICAV was treated as a separate pool of assets with separate rights for investors and creditors. The Court also noted that the Articles of Incorporation of the SCA did not derogate from Article 71(1) of the SIF law, which confirmed the existence of a certain autonomy of each compartment. Based on the capital of a specific compartment and not the capital of the fund as a whole, the Court determined that shareholders holding one tenth of the share capital of a specific compartment were authorized to request the convening of a general meeting relating to that compartment.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
With this step, concilio et labore GmbH commits itself as an employer to recognise, promote and utilise the diversity of its employees.
concilio et labore GmbH has joined the Diversity Charter. The aim is to create a respectful working environment for all employees - regardless of age, ethnic origin and nationality,
gender and gender identity, physical and mental abilities, religion and belief, sexual orientation and social origin. The Charter of Diversity is backed by
Charta der Vielfalt e.V., a non-profit organisation dedicated to promoting diversity in business and society.
UN Working Group on Business and Human Rights concluded visit to Luxembourg.
Today the United Nations Working Group on Business and Human Rights concluded the Working Group’s visit to the Grand Duchy of Luxembourg.
This is the first visit of any United Nations Human Rights Council’s Special Procedures mandate-holder to the country.
The purpose of the visit was to assess how the Government and the business sector discharge their respective duties and responsibilities under the
UN Guiding Principles on Business and Human Rights (UNGPs). These include the duties and responsibilities to prevent, respect and remedy adverse
human rights impacts of business activities.
In a statement
at the end of the visit, the Working Group encouraged Luxembourg to support the inclusion the financial sector and investment funds within the European Union Directive on
Corporate Sustainability Due Diligence (CSDDD). “These activities can and have led to adverse human rights impacts,” the experts said.
concilio et labore is a member of the corporate network „Erfolgsfaktor Familie“.
The compatibility of work and family is an essential part of our human resources work. As a new member of the nationwide
company network „Erfolgsfaktor Familie“, we now benefit from the experience and good examples of the more than 8,300 members
that the network now comprises. With the logo „Mitglied im Unternehmensnetzwerk Erfolgsfaktor Familie“ we want to show externally
and internally that the compatibility of work and family plays a major role in our company“”, explains Bastian Schwind-Wagner,
Managing Director of concilio et labore GmbH.
vidulus founds subsidiary concilio et labore GmbH.
vidulus GmbH has founded a subsidiary. With immediate effect, concilio et labore GmbH, based in Kordel, Germany,
will bundle the competencies and procedures in the areas of anti-money laundering / prevention of terrorist financing, compliance and risk management. In the future,
the wholly owned subsidiary of vidulus GmbH will act as a competence center for consulting and management services, especially in the financial industry, including
the fund industry and its extended environment.
