SGF Group Luxembourg - Page #18 - English version

Legal framework

Banking Secrecy and Confidentiality

Luxembourg has enacted tough legislation to make sure that the professional secrecy that bankers, insurance companies and even more though fiduciary companies and lawyers are submitted to, may under no circumstances be misused for covering up any kind of money laundering activities originating from criminal sources.

SGF Group scrupulously respects the obligation for discretion and confidentiality associated with their professional practice. In our capacity as a trust and fiduciary management company, we are confined to a narrowly defined legal framework in which we may operate within the financial services industry of the Grand Duchy of Luxembourg.

Thanks to a legislation that enables a free flow of capital, the Luxembourg financial centre has extended its horizon of activities significantly over time. Today, it is capable to of offer a full range of financial services to its customers, whether institutional or private investors.

On top of a system that provides legally protected confidentiality, professionalism and reliability are a given, thanks to high quality products and individualised services offered by local financial institutions.

Indeed, the banking secrecy is deeply anchored in the Luxembourg constitution. The article 458 of the "code penal" stipulates that every person, while executing his profession, discloses a professional secret, is subject to be sentenced to imprisonment ranging from 8 days to six month, and sentenced to a fin.