Compliance Regulations Banking Industry in Liechtenstein Take Center Stage

Strengthening Regulatory Framework

The banking industry in Liechtenstein has received a significant boost with the publication of an initiative to tokenize Europe by 2025. A consortium of leading European organizations aims to achieve this goal through the development of a comprehensive roadmap for tokenization.

MONEYVAL Ratings and Financial Hub Reputation

MONEYVAL has given Liechtenstein a very good rating, further solidifying its reputation as a financial hub. This rating is expected to boost confidence in the country’s banking sector and attract more foreign investors.

Sustainability Landscape in European Union

The sustainability landscape in the European Union has been gaining traction, with the EU sustainability taxonomy set to revolutionize bank lending practices. Practical approaches to applying this taxonomy have been identified, paving the way for a more sustainable future.

Implementation of EU Banking Package

Liechtenstein is also taking steps to implement the EU banking package, launching a consultation process aimed at ensuring a smooth transition. This move is expected to strengthen the country’s financial stability and regulatory framework.

Importance of Data in Achieving Comprehensive Sustainability

The importance of data in achieving comprehensive sustainability has also been highlighted. Without accurate data, it will be challenging to develop effective taxonomy systems that support sustainable investment practices.

Industry Endorsements and Adoption Rates

The Bankers Association has welcomed the EU Sustainability Taxonomy, recognizing its potential to drive positive change in the industry. The association’s endorsement is expected to boost adoption rates and promote a culture of sustainability among banks.

Regulatory Bodies’ Efforts Against Money Laundering and Terrorist Financing

Regulatory bodies are also working to combat money laundering and terrorist financing, with efforts aimed at lifting the “spell of dirty money”. A major step has been taken towards achieving this goal, and further measures are expected in the coming months.

Digitalization and Regulatory Landscape

Digitalization continues to play a key role in shaping the regulatory landscape, with initiatives aimed at simplifying complex rules and promoting a more streamlined approach to banking. The PSD 2 initiative is also making progress, offering consumers greater control over their financial data.

New Double Taxation Agreement (DTA) with Italy

Liechtenstein has also strengthened its ties with Italy through a new double taxation agreement (DTA). This move is expected to promote economic cooperation and stability between the two countries.

Preparedness for Brexit Scenarios

In light of Brexit, Liechtenstein has reaffirmed its commitment to being prepared for all possible scenarios. The country’s robust regulatory framework and strong banking sector are seen as key factors in this regard.

OECD Global Forum Recognition

The OECD Global Forum has also confirmed Liechtenstein’s high degree of tax compliance, awarding an overall rating of “Largely Compliant”. This recognition is expected to further boost investor confidence and attract more foreign investment.

Political Agreement on Disclosure Rules for Sustainable Investment

Finally, the Liechtenstein Bankers Association (LBA) has welcomed a political agreement reached at the EU level on new disclosure rules for sustainable investment. This development is seen as a major step forward in promoting transparency and accountability in the banking sector.