Economy & Politics

The CSSF is increasingly sounding the alarm signal

With no less than five warnings against dubious entities since the start of the year, the CSSF is trying to fight against a growing phenomenon. That of an explosion of attempted fraud based in part on technology.

Jean-Michel HENNEBERT

Jean-Michel HENNEBERT

With no less than five warnings against dubious entities since the start of the year, the CSSF is trying to fight against a growing phenomenon. That of an explosion of attempted fraud based in part on technology.

With no less than 4.8 billion euros in assets under management, the financial center is attracting envy. And more and more, if we are to believe the number of warnings issued in recent weeks by the Commission de surveillance du secteur financier (CSSF). No less than five since January 1, 2021 and eight over the last 30 days, according to the count on the site of the gendarme de la Place and noted by our colleagues from Paperjam.

A phenomenon in full expansion “in Luxembourg, as everywhere else”, indicates a spokesperson for the CSSF who specifies that “the vast majority of alerts target websites or ‘fictitious’ companies and not really existing companies which are said to be established in Luxembourg carrying out activities there without authorization ”. Clearly, scams based on the possibilities offered by technology, the lure of profit linked to the potential of cryptocurrencies and the patter of fraudsters, most of whom are located abroad.


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Of the 300 or so alerts issued by the gendarme de la Place since January 1, 2010, nearly two-thirds have been issued since 2018. Cases which, according to the procedures put in place, systematically result in reports to the prosecution “which has much broader investigative powers than the CSSF, in particular through international judicial cooperation, ”assures the spokesperson. Contacted on Friday, the judicial authorities were unable to provide precise data on the prosecution of the perpetrators of these scams.


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