Luxembourg's charitable sector rallies around good practice in risk management

The aim of this round table was to open a dialogue between partners on their experiences in the fight against money laundering and the financing of terrorism (AML-CFT), following recent changes in regulations. Compliance with AML-CFT practices is not confined to the financial sector, but also applies to the not-for-profit sector.  

At the conference, Jérémie Ogé, representing the Ministry of Justice, explained the risks of abuse that NPOs can face, as well as the tools available to mitigate these risks within organisations. He also confirmed that exchanges specific to the charity sector are planned by the Ministry in 2021.

The Fondation de Luxembourg shared its procedures for reducing risks and suggested practical tools for raising awareness and training its internal teams. This opened up a discussion on the procedures applied by each of the members present and a sharing of experience.

Tonika Hirdman, Director General of the Fondation de Luxembourg said, ‘It is important for all of us to be aware of the risks to which our activities may be exposed. I'm convinced that holding these exchanges helps to develop best practice within the sector.

In the face of rapidly evolving regulations, all the players present expressed a desire to continue these dialogues and to make the necessary efforts.