Tax AML in the context of asset management: Are you ready for the CSSF audit ?
With the introduction of Circular 17/650 in 2017, as amended by Circular 20/744 in July 2020, the CSSF significantly extended the AML/CFT compliance obligations of the Luxembourg asset management industry. Circular 17/650 was released by the CSSF following the 2017 Luxembourg tax reform which extended the money laundering offence to aggravated tax fraud and tax evasion.
This initial Circular provided general guidance for all entities falling under the supervision of the CSSF to raise suspicions of tax fraud and evasion through a (non-exhaustive) list of common indicators. Circular 20/744 complements these common indicators by new indicators that are to be taken into account specifically in the context of collective investment activities and professionals providing services in that particular sector.
The intensified audit activity of the CSSF makes clear that the latter expects professionals under its supervision to consider these indicators in their risk assessments. In this respect, the risk mitigation measures need to be proportionate to their risk exposure within the specific context of collective investment activities.
However, who exactly is concerned by the Circular? What triggers potential reporting obligations? Which taxes need to be considered when performing a due diligence? And, how can asset managers ensure compliance with the Circular so as to be prepared for CSSF audits? All these questions will be addressed during this webinar.
2. Scope and objectives of the Circular
3. Triggering events of reporting obligations (common and specific indicators) and selected practical issues
4. Overlap with other reporting obligations (e.g. DAC 6, Unshell Directive)
5. How to manage reporting and compliance obligations in practice
6. Practical case studies
ABOUT THE PRESENTERS:
Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers
Oliver is a Partner in the International and Corporate Tax department of ATOZ. A tax professional since 2003, Oliver has experience in Luxembourg and international taxation with a focus on alternative Investments (private equity, real estate, sovereign wealth funds, hedge funds), mergers & acquisitions and multinational groups. Oliver advises clients on all direct tax aspects regarding deal structuring, maintenance, reorganisations and exit planning.
He is Head of Transfer Pricing and the German Desk. Oliver is further a member of the tax working groups of the Association of the Luxembourg Fund Industry (ALFI) and the Luxembourg Private Equity Association (LPEA).
Oliver is the author of more than 250 articles and books on Luxembourg and international taxation including Transfer Pricing and related documentation requirements, the OECD Base Erosion and Profit Shifting (“BEPS”) Project and the EU Anti-Tax Avoidance Directives (ATAD 1 & 2), reporting obligations of tax intermediaries (DAC 6), the OECD Model Tax Convention and Tax Treaties, EU Law and the State Aid investigations of the EU Commission. He is also a regular speaker at conferences as well as a lecturer with Legitech and ILA
Oliver is qualified as a Chartered Accountant in Luxembourg (“Expert-Comptable”) as well as a certified German tax adviser (“Steuerberater”). He holds a post-graduate degree in Luxembourg Tax and a degree in Business Administration with a major in Tax from the University of Applied Sciences of Trier (Germany).
Andreas Medler is a Principal in the International and Corporate Tax department at ATOZ.
A tax professional since 2010, Andreas has experience in Luxembourg transfer pricing and international tax advisory for a wide range of institutional investors.
Andreas provides advice on the tax and transfer pricing structuring of alternative investments through Luxembourg (private equity, real estate, sovereign wealth funds) as well as tax structuring of multinational groups. He advises clients on all direct tax matters (deal structuring, corporate reorganisations, mergers and acquisitions as well as exit planning) as well as on transfer pricing aspects in relation to the pricing of financial instruments and intra-group services.
Andreas is a certified German tax adviser (“Steuerberater”) and is also a chartered accountant in Luxembourg (“expert-comptable”). He holds a degree in Business Administration with a Major in Tax from the University of Trier (Germany). He also holds a post-graduate degree in Luxembourg Tax.