Luxembourg’s Financial Intelligence Unit (Cellule de renseignement financier, CRF) received a total of 50,197 reports in 2021: 49,876 reports related to money laundering and 321 reports related to countering the financing of terrorism. Archive photo: Christophe Lemaire/Maison Moderne

Luxembourg’s Financial Intelligence Unit (Cellule de renseignement financier, CRF) received a total of 50,197 reports in 2021: 49,876 reports related to money laundering and 321 reports related to countering the financing of terrorism. Archive photo: Christophe Lemaire/Maison Moderne

Luxembourg’s ministry of justice on 27 October published statistics on preventing the use of the financial system for money laundering or terrorist financing for the years 2020 and 2021.

The justice ministry’s  on anti-money laundering and countering the financing of terrorism (AML/CFT) covers the grand duchy’s financial and non-financial sectors, and includes figures compiled by Luxembourg’s Financial Intelligence Unit, the Cellule de renseignement financier (CRF).

Here are a few key figures from the report.

50,197 reports received by CRF in 2021

In 2021, the CRF received 49,876 reports related to money laundering and 321 reports related to countering the financing of terrorism for a total of 50,197 reports. This is an increase of 9,415 reports compared to the year before (the unit received 40,782 reports in 2020).

2,094 cases handled in 2021

Reports received by the CRF undergo a triage and prioritisation process based on an internal risk-based approach, noted the report. Some reports are subject to analysis and get integrated into a new or existing case.

In 2021, the financial intelligence unit handled 2,094 cases (up from 1,682 cases in 2020). “One case may include multiple individual suspicious reports and that cases can be carried over from one year to another depending on the scope of the case, the development of the case and the intelligence gathered during the process, as well as the complexity of the case at hand,” noted the report.

A single case may have multiple national and/or international disseminations because of the number of AML/CFT competent authorities or jurisdictions that are involved or the complexity of the case.

24,216 outgoing cross-border reports

Luxembourg’s CRF reported 24,216 outgoing cross-border reports in 2021, a slight dip from the 26,557 cross-border reports in 2020. The country that received the most reports both years was--by far--Germany.

In 2021, Ireland, France, Italy, the Netherlands and Spain were the countries that received the next largest number of reports. The United Kingdom received 4,608 reports in 2020 and 37 in 2021.

1,460 outgoing cross-border disseminations

The financial intelligence unit reported 1,460 instances of outgoing cross-border dissemination in 2021 (up from 1,222 in 2020). France received the most cross-border disseminations in both years: 425 in 2021 and 304 in 2020. In 2021, Belgium was next (203 cross-border disseminations), followed by Germany and Italy (176).

There were 3,114 incoming cross-border disseminations in 2021 (down from 6,011 the year before).

387 freezing instructions

The CRF issued 387 freezing instructions in 2020 and 2021, securing €262,197,061.42 (€223,924,013.14 in 2020 and €38,221,309.28 in 2021).

Offences were mainly related to corruption, fraud, criminal tax offences, money laundering, counterfeiting and product piracy, cash control and other offences.

Financial and insurance sector: 25.2% of national gross value added

The financial and insurance sectors are the grand duchy’s largest economic sectors and were responsible for around 25.2% of national gross value added in 2021.

As of the end of 2021, there were 124 credit institutions in Luxembourg, and total banking assets stood at €951.7bn. The sector counted 25,982 employees.

One hundred and one investment firms were subject to AML/CFT supervision by Luxembourg’s financial sector supervisory commission, the CSSF, in 2021. Revenue stood at €1.45bn. 

The number of non-life insurance and reinsurance undertakings under anti-money laundering/countering the financing of terrorism scope were 19 and 36 entities respectively, and generated €974m and €446m respectively, said the report.

Accounting activities: 3% of total added value

In 2020, more than 22,200 employees in 1,732 active entities provided legal and accounting services in Luxembourg. Accounting activities contributed to more than 3% of the country’s total added value in 2020.

Real estate activities generated an overall added value of €4,746bn in 2020. The grand duchy’s gambling sector generated a total gross gaming revenue of €99.7m in 2021.

Find the full report .