Luxembourg law - Register for fiduciary arrangements and trusts

The Luxembourg law of 10 July 2020 implementing Article 31 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing has been published. The full text is available here in French.

The law implements a register for fiduciary arrangements (fiducies) and trusts. It applies to (i) all national and foreign fiduciary arrangements and express trusts for which a fiduciary or a trustee is established or domiciled in Luxembourg and (ii) all fiduciary arrangements and express trusts for which the fiduciary or trustee is established in a third country, provided that the fiduciary or trustee enters into a business relationship in Luxembourg with a professional within the sense of the Luxembourg law of 12 November 2004 on the prevention of money laundering and terrorist financing or acquires real estate in Luxembourg. Pursuant to the law, certain information on the beneficial owners, fiduciaries and trustees of fiduciary arrangements and express trusts needs to be obtained and maintained by the fiduciaries and trustees and kept in a register administered by the Administration de l’enregistrement, des domaines et de la TVA, the modalities of which are to be specified in a Grand Ducal Regulation.

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