On 30 June 2021, the Luxembourg legislator adopted bill of law 7677 (the “Bill of Law”) (i) regarding the organisation of the control of transport of cash entering or leaving the Grand-Duchy of Luxembourg (the “GDL”), (ii) repealing the law of 27 October 2010 on this respect and (iii) laying down rules for the application of European Regulation 2018/1672 of 23 October 2018 on controls on cash entering or leaving the European Union (the “EU”), which i.a. aims at supplementing the legal framework governing the prevention of money laundering and the financing of terrorism, as provided for in Directive (EU) 2015/849.
The Bill of Law designates the Administration des Douanes et Accises (the "ADA") as the competent authority regarding the controls of cash.
More specifically, any bearer of cash in any form and by any means (including cash, bearer negotiable instruments, certain highly liquid goods as well as prepaid cards) with a value of EUR 10,000 or more, to, via or from the GDL, or entering or leaving the EU through the GDL, is subject to the filing of an accompanied cash declaration with the ADA.
In the same way, the sender or the recipient of the cash or their representative must file a declaration with the ADA for the disclosure of unaccompanied cash with a value of EUR 10,000 or more, entering, transiting via or leaving the GDL or entering or leaving the EU through the GDL.
Violations of the aforementioned requirements are punishable by a fine, which amount may be set between EUR 251 and EUR 25,000.
The publication of the Bill of Law in the Official Journal of the Grand-Duchy of Luxembourg is expected in the forthcoming days.
