The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) published the results of a 2024 thematic review of five Luxembourg-based investment fund managers (IFMs) assessing their potential exposure to weapons of mass destruction (WMD) proliferation financing risks at asset level. The review, conducted by the AML/CFT division of the UCI On-site Inspections department, focused in particular on dual-use goods and investments in vessels, shipping, or other transportation means. The CSSF found the sampled IFMs were aware of and prepared for the topic, although the measures implemented to mitigate proliferation financing risk were still maturing, consistent with the CSSF’s assessment that proliferation financing risk in the Luxembourg fund industry is low.
Luxembourg Commission de Surveillance du Secteur Financier 2025-11-17
Luxembourg Commission de Surveillance du Secteur Financier publishes review of five fund managers’ controls against WMD proliferation financing risks
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) released findings from a 2024 review of five Luxembourg-based investment fund managers (IFMs) on their exposure to weapons of mass destruction proliferation financing risks. The review highlighted awareness and preparedness among IFMs, though mitigation measures are still developing. The CSSF maintains that proliferation financing risk in the Luxembourg fund industry remains low.