Tax crimes as new predicate offenses and circular 17/650 : new obligations for professionals
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Tax crimes as new predicate offenses and circular 17/650 : new obligations for professionals

courseType Technical Skills, Financial Sector

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General course details

Introduction

Following the entry into force of (i) the Law of 23 December 2016, which amended (among others) Article 506-1 of the Criminal Code, and (ii) CSSF Circular 17/650, professionals subject to requirements regarding the fight against money laundering and terrorist financing must now take into consideration new predicate criminal tax offences when carrying out their professional duties, in particular client due diligence and cooperating with the authorities.

  • How should you apply this new obligation to existing business relationships?
  • Does it affect non-resident taxpayers?
  • In what way does it impact on professionals’ internal organisational structures?

Objectives

At the end of the course, participants will be able to:

  • detect  the negative indicators of aggravated tax fraud or tax swindle
  • identify the impacts of the new due-diligence obligations
  • list the risks and penalties of breaching the new requirements

Course content

1) Overview of the new regulations

  • Analysis of the impacts that CSSF Circular 17/650 will have on assessing the risks of
    money laundering and terrorist financing
  • Explanation and practical examples of the indicators listed in Appendix 1 of the Circular
2) Due-diligence obligations
  • How to note these suspicions in the internal control system
  • What due-diligence obligations to apply to avoid dealing with funds derived from
    tax evasion
3) Penalties
  • What are the penalties of failing to adhere to the regulations?
  • Who is affected by the regulations?
4) Practical cases
  • Case adapted to the industry
5) Q&A session

 

Our lead expert

 

 

Pierre Kirsch is a tax Managing Director at PwC Luxembourg and the authorised manager of our PFS Tax Information Reporting, where he is in charge of developing the service around tax transparency and automatice exchange of information. He has spent 23 years working for clients in the Private Banking and Asset Management industries in Luxembourg where he has acquired a deep knowledge of their internal processes. 
 
Pierre has performed different tax transparency analyses of the private and corporate client base of several major financial institutions in Luxembourg and abroad to determine the level of risk of those clients being non-tax compliant and define an appropriate and measurable action plan.
 

Target audience

The fight against money laundering and terrorist financing falls under the responsibility of all employees.
Nevertheless, it is management who must lead by example.

  • Members of the boards of directors and executive boards of banks, financial-sector professionals, insurance companies and Luxembourg UCI management companies
  • Internal auditors, compliance officers and risk managers
  • Distributors and transfer agents of Luxembourg UCIs
  • Domiciliation agents
  • Leaders and team members of front offices of financial-sector professionals
  • All employees of financial institutions

Practical information

  • Language: English

                 This course is also available in French

  • Duration: 2 hours
  • Number of participants: limited to 20, in order to guarantee maximum interactivity


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