Identifier
Created
Classification
Origin
06LUXEMBOURG568
2006-10-24 13:34:00
CONFIDENTIAL
Embassy Luxembourg
Cable title:
JUSTICE MINISTER WARNS INTERNATIONAL BANKERS ABOUT NORTH
how-toVZCZCXRO8386 PP RUEHDBU RUEHFL RUEHKW RUEHLA RUEHROV RUEHSR DE RUEHLE #0568 2971334 ZNY CCCCC ZZH P 241334Z OCT 06 FM AMEMBASSY LUXEMBOURG TO RUEHC/SECSTATE WASHDC PRIORITY 5638 INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE RUEHKO/AMEMBASSY TOKYO 0148
C O N F I D E N T I A L LUXEMBOURG 000568
SIPDIS
SIPDIS
E.O. 12958: DECL: 10/24/2016
TAGS: PREL EFIN KTFN ECON PTER PGOV EUN LU
SUBJECT: JUSTICE MINISTER WARNS INTERNATIONAL BANKERS ABOUT NORTH
KOREA
Classified by CDA Steven H. Kraft, reasons 1.5 b & d.
C O N F I D E N T I A L LUXEMBOURG 000568
SIPDIS
SIPDIS
E.O. 12958: DECL: 10/24/2016
TAGS: PREL EFIN KTFN ECON PTER PGOV EUN LU
SUBJECT: JUSTICE MINISTER WARNS INTERNATIONAL BANKERS ABOUT NORTH
KOREA
Classified by CDA Steven H. Kraft, reasons 1.5 b & d.
1. (U) In remarks during an October 23 financial seminar in Tokyo,
Luxembourg Minister for Justice and Budget Luc Frieden warned
financial institutions to be extremely cautious in any dealings which
might involve North Korea. As he has often in other public fora,
Frieden touted Luxembourg's "leading role" in establishing a
regulatory system to monitor suspicious financial transactions. He
noted that his government is "extremely watchful when it comes to
financial transactions, direct or indirect, with North Korea," and
emphasized that as a member of the Financial Action Task Force,
Luxembourg would continue to play a leading role in combating money
laundering and terrorist financing.
2. (C) Comment: Our discussions with GOL officials have consistently
confirmed Luxembourg's stated policy to maintain rigorous oversight
of its financial sector. Not only is Luxembourg a committed player
in the Global War on Terror on principle alone, it also has critical
economic reasons to combat terrorist financing and money laundering:
it is determined to maintain its place, and reputation, as a world
leader in investment fund registrations and banking more generally.
The financial services sector is a central component of Luxembourg's
economy. GOL officials have gone out of their way to cooperate with
the USG in financial investigations, and Frieden has been an
especially helpful and positive interlocutor for the Embassy. End
comment.
KRAFT
SIPDIS
SIPDIS
E.O. 12958: DECL: 10/24/2016
TAGS: PREL EFIN KTFN ECON PTER PGOV EUN LU
SUBJECT: JUSTICE MINISTER WARNS INTERNATIONAL BANKERS ABOUT NORTH
KOREA
Classified by CDA Steven H. Kraft, reasons 1.5 b & d.
1. (U) In remarks during an October 23 financial seminar in Tokyo,
Luxembourg Minister for Justice and Budget Luc Frieden warned
financial institutions to be extremely cautious in any dealings which
might involve North Korea. As he has often in other public fora,
Frieden touted Luxembourg's "leading role" in establishing a
regulatory system to monitor suspicious financial transactions. He
noted that his government is "extremely watchful when it comes to
financial transactions, direct or indirect, with North Korea," and
emphasized that as a member of the Financial Action Task Force,
Luxembourg would continue to play a leading role in combating money
laundering and terrorist financing.
2. (C) Comment: Our discussions with GOL officials have consistently
confirmed Luxembourg's stated policy to maintain rigorous oversight
of its financial sector. Not only is Luxembourg a committed player
in the Global War on Terror on principle alone, it also has critical
economic reasons to combat terrorist financing and money laundering:
it is determined to maintain its place, and reputation, as a world
leader in investment fund registrations and banking more generally.
The financial services sector is a central component of Luxembourg's
economy. GOL officials have gone out of their way to cooperate with
the USG in financial investigations, and Frieden has been an
especially helpful and positive interlocutor for the Embassy. End
comment.
KRAFT