Executive summaryThe Luxembourg Government submitted to Parliament, on 20 February 2020, a Draft Law amending the amended Common Reporting Standard (CRS) Law of 18 December 2015 and the amended Foreign Account Tax Compliance Act (FATCA) Law of 24 July 2015.The Draft Law introduces some new obligations for Luxembourg Reporting Financial Institutions (RFIs), clarifies other obligations, adapts the rules concerning the application of fines, and clarifies aspects of the Luxembourg Tax Authorities’ (LTA) powers of investigation.Detailed discussionNew CRS and FATCA obligations for Luxembourg RFIsThe Draft Law will require every Luxembourg RFI to:Set up policies, controls, procedures and IT systems, proportionate to the RFI’s nature,...