2020 Global Economic Crime and Fraud Survey - Luxembourg Report

Fighting Fraud: A never-ending battle

Luxembourg in the context of PwC’s Global Economic Crime and Fraud Survey
GECS 2020

Turn on the news or leaf through a newspaper and chances are you’ll find a story about economic crime or fraud.

Bribery suspected in a building collapse; Medical records and financial data of millions of people hacked; Corporate malfeasance to blame in product failure; Share price plummets as whistleblower alleges fraudulent accounting practices; Bank hit with multiple lawsuits over money laundering scandal. 

Fraud and economic crime rates remain at record highs, impacting more companies in more diverse ways than ever before. Due to its status as a major international financial centre, Luxembourg is particularly vulnerable, and has also seen its share of high-profile economic crime cases in the reporting period. With this in mind, we should consider:

  • Are we assessing threats and risks well enough…or are gaps leaving us dangerously exposed? 
  • Are the fraud-fighting technologies we have deployed providing the value we expected? 
  • When an incident occurs, are we prepared and, most importantly, are we reacting appropriately? 

These are some of the provoking questions that lie at the heart of the findings of this year’s Global Economic Crime & Fraud Survey. With fraud a greater - and more costly - threat than ever, it is essential to assess your readiness, deploy effective fraud-fighting measures and act quickly once it is uncovered.

Read our 2020 Global Economic Crime and Fraud Survey - Luxembourg Report to get clued up on fraud risks, map out an action plan to respond and get timely insights on Luxembourg relevant topics such as: 

  • Fraud in times of COVID-19 & Past Incidents of Fraud in Luxembourg
  • Financial Action Task Force (FATF) - Mutual evaluation of Luxembourg in light of the survey results and COVID-19
  • The Whistleblowing Directive (Directive (EU) 2019/1937)
  • Transaction Monitoring & Asset Screening

Contact us

Michael Weis

Partner, Forensic Services and Financial Crime Leader, PwC Luxembourg

Tel: +352 49 48 48 4153

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