By Laurent Thailly, Benjamin Devouassoux
On 25 August 2018 the law of 10 August 2018 on the information to be obtained and held by Luxembourg fiduciary agents in relation to fiduciary arrangements (the Law) has entered into effect. It is a part of the legislative pack meant to transpose into Luxembourg law the provisions of the European anti-money laundering regulatory framework, more precisely Directive (EU) 2015/849 (the 4th AML Directive) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, as amended by the Directive (EU) 2018/843 (the 5th AML Directive).
The aforementioned fiduciary agents are obliged to maintain up to date and accurate
information on beneficial owners of Luxembourg law fiduciary arrangements, for a period of five years after their involvement in such arrangements.