Luxembourg's government wants to create a register of names and numbers for bank accounts and safe-deposit boxes Shutterstock

Luxembourg's government wants to create a register of names and numbers for bank accounts and safe-deposit boxes Shutterstock

The register would be managed by Luxembourg’s financial supervisory body, the CSSF, and would include account numbers, account holders and for companies beneficial owners. The contents of the safe deposit box or the bank balance would, reportedly, not be recorded.

Bill 7512 is one of a series of bills which enact into law the European Union’s fifth anti-money laundering directive.

The text explains that access to the register’s raw data will only be granted to authorised members of the CSSF and the financial intelligence unit. Other authorities, such as the public prosecutor’s office, judicial police, state intelligence service, insurance commission, administration registration and financial sector self-regulatory bodies, may request access via the CSSF.

The text also obliges providers of virtual asset servicing and services to companies and trusts, to register with the CSSF. This measure forms part of a recommendation from the financial action task force to Luxembourg.

Meanwhile, MPs adopted a series of amendments to bill 7467, implementing the EU’s fifth anti-money laundering directive. The amendments address the use of encryption, prepaid cards and trade in antique art objects to finance terrorist acts. It will strengthen professional and supervisory obligations.