Financial Crime World

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Liechtenstein Fights Financial Crime: Best Practices Emerge in Latest FATF Report

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Liechtenstein has taken significant steps to strengthen its financial crime prevention measures, as outlined in the latest follow-up report by the Financial Action Task Force (FATF). The country has implemented a range of best practices to combat money laundering and terrorist financing.

Assessing Risk and Applying a Risk-Based Approach

Liechtenstein excelled in assessing risk and applying a risk-based approach, earning a “largely compliant” rating from the FATF. This demonstrates the country’s commitment to identifying and mitigating potential risks in its financial system.

National Cooperation and Coordination

The country also demonstrated strong national cooperation and coordination to combat financial crime, highlighting the importance of collaboration between different government agencies and stakeholders.

Confiscation and Provisional Measures

In areas such as confiscation and provisional measures, Liechtenstein received a “partially compliant” rating. While progress has been made, there is still room for improvement in these areas.

Key Successes

The report highlights several key successes, including:

  • The implementation of targeted financial sanctions related to terrorism and terrorist financing.
  • The regulation and supervision of financial institutions, which earned praise from the FATF.

Areas Requiring Further Attention

Liechtenstein received a “non-compliant” rating in several areas, including:

  • Transparency and beneficial ownership of legal persons and arrangements.

Conclusion

Despite these challenges, the report concludes that Liechtenstein has made significant progress in implementing best practices to prevent financial crime. The country’s commitment to strengthening its anti-money laundering and counter-terrorist financing regime is clear, and efforts will continue to be monitored by the FATF.

Lessons for Other Countries

Liechtenstein’s latest FATF report serves as a model for other countries looking to strengthen their financial crime prevention measures. By prioritizing risk-based approaches, national cooperation, and targeted sanctions, Liechtenstein is leading the way in the fight against financial crime.