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Liechtenstein Cracks Down on Money Laundering with Strict Guidelines

In an effort to strengthen its financial market and prevent money laundering and financing of terrorism (ML/FT), Liechtenstein has implemented strict international standards, making it one of the most vigilant countries in the fight against financial crimes.

A Strong Commitment to International Cooperation

As a member of the European Economic Area (EEA) and MONEYVAL, Liechtenstein has committed to implementing EU anti-money laundering/country-by-country terrorism provisions and Financial Action Task Force (FATF) recommendations. The country’s strategic approach to combating ML/FT involves close cooperation between national authorities, financial institutions, and market participants.

Identifying and Mitigating Risks

Identifying, assessing, and understanding ML/FT risks is a crucial part of developing a national anti-money laundering/country-by-country terrorism regime. Liechtenstein authorities have conducted thorough information and data analysis to determine the country’s risk exposure through National Risk Assessments (NRA). The financial center has a global client base, offering a range of financial products and services in a small geographic area, which presents ML/FT risks that require a global perspective.

Regulating Virtual Assets

In 2020, Liechtenstein became the first country to introduce comprehensive regulations for virtual assets (Blockchain Act), ensuring that relevant due diligence standards apply to the token economy. The authorities constantly monitor market changes and assess them from a risk perspective.

AML/CFT Strategy and Action Plan

The results of these risk assessments inform improvements in national anti-money laundering/country-by-country terrorism measures. Based on these findings, the government has adopted an AML/CFT strategy and action plan, with intensifying cooperation, coordination, and information exchange at both national and international levels being key priorities.

International Cooperation

This includes close cooperation with US authorities such as FinCEN, Office of Foreign Asset Controls, Department of Justice, and Securities and Exchange Commission. Liechtenstein’s stringent approach to combating ML/FT has earned it recognition as a global leader in financial transparency and security, providing a safe haven for investors while ensuring the integrity of its financial market.

Conclusion

Liechtenstein’s commitment to preventing money laundering and financing of terrorism is unwavering, with a focus on international cooperation, risk assessment, and regulatory oversight. As a result, the country has become a model for other nations in the fight against financial crimes.