Luxembourg Gazettes Law Transposing EU Directive on Measures for Payment Service Providers

The Luxembourgish Official Gazette Aug. 2 published a law transposing the EU Council Directive on requirements for payment service providers. The law includes measures: 1) aligning Luxembourg’s VAT fraud laws with EU regulations; 2) providing administrative tools to more effectively combat VAT fraud in international e-commerce; 3) requiring payment service providers in Luxembourg, including domestic and foreign banks and credit institutions, to maintain electronic records of cross-border payments and beneficiaries every quarter; 4) specifying that the recordkeeping requirements of the law apply to providers executing more than 25 cross-border payments to the same payee in a quarter; and 5) introducing ...