Financial Crime World

National Strategy for Combating Money Laundering and Terrorist Financing in Liechtenstein

Introduction

This national strategy aims to combat money laundering and terrorist financing in Liechtenstein by outlining four main goals: compliance, risk-based focus, effective prosecution, and international cooperation.

Main Goals

  • Compliance: Ensuring consistent high-level compliance with international standards, including the monitoring of political and regulatory developments.
  • Risk-based focus: Implementing a risk-based approach to combating money laundering and terrorist financing, including identifying and mitigating existing and future risks.
  • Effective prosecution: Ensuring effective prosecution of money laundering and terrorist financing cases, including investigating financial flows and identifying perpetrators.
  • International cooperation: Intensifying national and international cooperation, coordination, and exchange of information between authorities to combat money laundering and terrorist financing.

Key Aspects

  • Establishing a permanent national working group (PROTEGE): To coordinate activities related to combating money laundering and terrorist financing.
  • Conducting comprehensive risk assessments: To identify and mitigate existing and future risks.
  • Implementing a risk-based supervisory approach: By the Financial Market Authority (FMA) to ensure effective supervision of financial institutions.
  • Ensuring effective prosecution: Of money laundering and terrorist financing cases, including investigating financial flows and identifying perpetrators.
  • Intensifying national and international cooperation: To combat money laundering and terrorist financing, including coordination and exchange of information between authorities.

Implementation Plan

The strategy outlines a plan for implementing the action plan, including:

  • Specific fields of action: Identifying key areas where measures need to be taken to combat money laundering and terrorist financing.
  • Timetables: Establishing deadlines for implementation of specific actions.
  • Competent authorities: Assigning responsibilities to specific authorities for implementing and coordinating activities related to combating money laundering and terrorist financing.
  • Necessary resources: Allocating necessary resources, including personnel, budget, and infrastructure, to support the implementation of the strategy.