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Liechtenstein’s Anti-Money Laundering Regulations Face Scrutiny in Latest Evaluation Round
Overview
Liechtenstein has undergone its fifth round of evaluation by international authorities regarding its anti-money laundering (AML) regulations. The on-site visit took place from September 6-17, 2021, and the resulting report was adopted by the relevant plenary in May 2022.
Background
The evaluation process assesses Liechtenstein’s compliance with international AML standards and best practices. According to sources, the country has made significant progress in strengthening its AML framework since the last evaluation round in 2013.
Compliance Efforts
In 2014, Liechtenstein adopted the EU’s Fourth Anti-Money Laundering Directive, which aimed to improve transparency and cooperation among member states. The country has also implemented various measures to combat terrorist financing and enhance customer due diligence.
Outstanding Issues
Despite these efforts, some issues remain outstanding. A follow-up report published in 2018 highlighted concerns regarding Liechtenstein’s lack of effective implementation and enforcement of its AML laws. The country was also criticized for failing to provide adequate information on beneficial ownership and to implement measures to prevent the misuse of shell companies.
History of Scrutiny
Liechtenstein has a history of facing scrutiny over its financial sector, which has been linked to tax evasion and money laundering schemes in the past. The country’s small size and unique financial system have made it vulnerable to international criticism, with many calling for greater transparency and cooperation with global authorities.
Reforms
In response to these concerns, Liechtenstein has taken steps to strengthen its AML framework, including:
- Introduction of new regulations on beneficial ownership
- Establishment of a national risk assessment
- Increased efforts to cooperate with foreign authorities
- Measures to improve customer due diligence
Future Guidance
The latest evaluation report is expected to provide further guidance on Liechtenstein’s progress in implementing these reforms. With increasing global pressure to combat financial crime, it remains to be seen whether the country will continue to meet international standards and ensure transparency in its financial sector.
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