The increasing pressure of regulation on the fight against money laundering and terrorist financing (amended Law of 12 November 2004) has a significant impact on the investment management industry and financial sector.
Commercial, craft and industrial activities, as well as some liberal professions, are subject to a business permit (autorisation d'établissement or autorisation de commerce).
This permit is granted to businesses (the professional operating under his/her own name or the company) within a 3-month deadline, which may be extended by another month under certain conditions, if: the person responsible for the operation or management of the business meets the required legal conditions of qualification and professional integrity for the activity concerned; and the business has a fixed physical establishment in Luxembourg (no so-called 'letterbox companies').
Costs are around 2,000 EUR.
No information publicly available. Market is big because of the banking industry (153 banks).
The 4th European Anti-Money Laundering Directive has been transposed in Luxembourg by the law of 13 February 2018.