Luxembourg Parliament Considers Bill to Amend CRS, FATCA Provisions Concerning Financial Institutions

The Luxembourgish Parliament (Chambre des Deputes) Feb. 20 accepted for consideration a bill to amend the common reporting standard (CRS) and the U.S. Foreign Account Tax Compliance Act (FATCA) provisions concerning Luxembourg reporting financial institutions. The bill includes measures to: 1) require institutions to maintain records of actions taken and audit evidence to ensure adherence to reporting and due diligence procedures for a period of 10 years; 2) impose fines against institutions that adopt practices intended to circumvent communication; 3) require institutions to implement policies, controls, information technology systems, and procedures to ensure compliance with due diligence standards; 4) require ...