With its entry into force on December 27, 2020, the Law of 19 December 2020 provides Luxembourg with a dedicated legislative arsenal for the implementation of financial restrictive measures adopted by the United Nations and the European Union.
Which financial restrictive measures?
The scope of application of the Law of December 2020 encompasses financial restrictive measures adopted by the United Nations and the European Union against certain States, natural and legal persons, entities and groups which take the form of:
the prohibition or restriction of financial activities of any kind;
the prohibition or restriction of the provision of financial services, technical assistance, training or advice in relation to a State, a natural or legal person, entity or group covered by this law; or
the freezing of funds, assets or other economic resources owned or controlled, directly, indirectly or jointly, with or by a person, entity or group referred to in this law or by a person acting on their behalf or at their direction.
The lists of restrictive measures will be established by virtue of a Grand-ducal decree.
Read more here.