Redesign of the website of the Ministry of Finance regarding international financial sanctions
The CSSF draws the attention of the professionals of the financial sector to the redesign of the website of the Ministry of Finance which is competent, among other things, for international financial sanctions, following the entry into force of the Law of 19 December 2020 on the implementation of restrictive measures in financial matters:
In this context, the Ministry also updated its best practices guides relating to financial sanctions, which are available in French and English on the website of the Ministry of Finance at:
The guides include recommendations, for the purpose of implementing financial sanctions, that are non-exhaustive and of a general nature. For further details on their content, the CSSF recommends that professionals of the financial sector subscribe to the newsletter of the Ministry of Finance in order to receive all updates in relation to financial sanctions.
Moreover, the Ministry of Finance released a new template for the quarterly reporting of frozen funds to be completed by the natural and legal persons that are required to implement the restrictive measures and to inform the Ministry of Finance of the execution of each new restrictive measure without delay and without postponing the reporting until the end of the quarter.
Finally, the CSSF reminds the professionals under its supervision that Article 6(4) of the Law of 19 December 2020 confers on it the same powers as those granted to it by Articles 8-2, 8-4, 8-5, 8-6 and 8-7 of the Law of 12 November 2004 on the fight against money laundering and terrorist financing.