LUXEMBOURG – NO STRICT LIMITATIONS ON CASH MONEY USE

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keywords: cash, cash money, terrorism financing, luxembourg. There will be no limit for cash payments in Luxembourg, according to Minister of Finance Pierre Gramegna on Monday, responding to MP Laurent Mosar (CSV). While many European countries have set limits for cash payments (Belgium, Bulgaria, Croatia, Czech Republic, Denmark, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Slovakia, Slovenia and Spain) this is not the case in Luxembourg. The Minister reminds that the European directives on money laundering and the financing of terrorism did not provide for such limitations. However, even…

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BANKS LUXEMBOURG – BIL OFFICIALLY BOUGHT BY CHINESE GROUP

luxembourg security privacy defense police cyber

keywords: banque internationale, bank finance luxembourg, legend group, luxembourg. For months, close persons with the matter have informed the press (Bloomberg and Washington Post) that the Chinese holding company Legend Holdings Corporation (owner of Lenovo) has bought 90% of the Banque Internationale à Luxembourg (BIL), it is now the Minister of Finance in person who confirms the information. While the amoun of the transaction has not yet been disclosed, Minister Gramegna also specifies in a statement on Friday that BIL being a systemic bank the transaction will have to be…

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LUXEMBOURG – STRICT LIMITATIONS ON CASH MONEY SOON ?

luxembourg security privacy defense police cyber

keywords: cash, cash money, terrorism financing, luxembourg. One way to fight terrorism is to prevent its financing. The procedures for tracing banking transactions are increasing and are so effective that potential terrorists no longer use the traditional banking system for transfers. Recent attacks in Europe have been financed either by consumer loans or by cash exchanges. States are gradually introducing legislation to restrict the use of cash money. To take only our neighbours, this is the case in France since September 1, 2015 where a cash payment is allowed for…

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