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Luxembourg amends its CRS and FATCA Legislation
Jean-Michel Chamonard 27 Feb 2020
On 20 February 2020, a draft law was presented to Parliament which introduces some amendments to the Luxembourg legislation governing CRS and FATCA, the two sets of rules dealing with the Automatic Exchange of Information in Luxembourg.
On 20 February 2020, a draft law was presented to Parliament which introduces some amendments to the Luxembourg legislation governing CRS and FATCA, the two sets of rules dealing with the Automatic Exchange of Information in Luxembourg.
The changes to be introduced with effect as from next year are of importance since Luxembourg reporting financial institutions will be subject to additional obligations and lump sum penalties in case of non-compliance.
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