Liechtenstein Banks Embrace Stringent Fraud Prevention Measures to Combat Money Laundering and Terrorism Financing

Liechtenstein’s banking sector is taking a robust stance against money laundering and terrorism financing, with the country’s banks prioritizing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

A Strong Commitment to Compliance

The Liechtenstein Bankers Association (LBA) has pledged to swiftly implement international standards and requirements into domestic law, ensuring a high level of compliance. This commitment is reflected in the implementation of the 40+9 Recommendations of the Financial Action Task Force (FATF), as well as EU directives and regulations.

Key Provisions at the EU Level

• The 4th and 5th EU Anti-Money Laundering Directives, partially revised in June 2018
• The EU Funds Transfer Regulation

Domestic AML Requirements

Liechtenstein’s AML requirements are transposed through the Due Diligence Act and Ordinance, which are regularly revised and adapted to reflect international developments. The country is also a member of MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

Recent Assessment

In its most recent assessment, MONEYVAL has praised Liechtenstein for meeting high standards in AML/CFT measures, alongside the International Monetary Fund. This underscores Liechtenstein’s commitment to combating financial crime and maintaining a strong reputation in the international banking community.

By implementing robust fraud prevention measures, Liechtenstein banks are demonstrating their dedication to preventing money laundering and terrorism financing, ensuring a safe and secure environment for customers and investors alike.