Financial Crime World

Title: Liechtenstein Banks Lead the Way in Financial Crime Prevention: Adherence to International Standards and MONEYVAL’s High Praise

Commitment of Liechtenstein Banking Sector to Combat Financial Crimes

Amidst increasing global concern over financial crimes such as money laundering and terrorism financing, the Liechtenstein banking sector has demonstrated its unwavering commitment to upholding the highest standards of compliance. The Liechtenstein Bankers Association (LBA) has made the prevention of these illicit activities a top priority.

Adherence to International AML/CFT Regulations and Sanctions

According to the LBA, adherence to international anti-money laundering and combating the financing of terrorism (AML/CFT) regulations and observance of international sanctions are essential tasks for Liechtenstein’s banks. In line with this commitment, the LBA emphasizes the swift implementation of relevant international standards and requirements.

Key International Requirements

  • Financial Action Task Force (FATF) Recommendations: The 40+9 Recommendations of the FATF
  • EU Directives and Regulations:
    • 4th EU Anti-Money Laundering Directive
    • Partially revised in 2018 as the 5th EU Anti-Money Laundering Directive
    • EU Funds Transfer Regulation

Domestic Implementation

Implementation of these international AML requirements in Liechtenstein takes place via the Due Diligence Act and the Due Diligence Ordinance.

MONEYVAL’s Commendation

Liechtenstein’s diligent approach to implementing and revising these provisions in light of international developments is further demonstrated by its membership in MONEYVAL, the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. MONEYVAL, in collaboration with the International Monetary Fund, regularly assesses Liechtenstein’s compliance with international AML/CFT provisions. In the latest assessment (as of 2021), MONEYVAL commended Liechtenstein for meeting high standards.

Conclusion

As the fight against financial crimes continues, the Liechtenstein banks’ unyielding dedication to upholding international standards and receiving praise from organizations like MONEYVAL further solidifies their reputation for transparency and commitment to a fair financial system.

Bullet Points Summary

  • Liechtenstein banking sector is committed to combating financial crimes.
  • Adherence to international AML/CFT regulations and observance of international sanctions are essential.
  • Key international requirements: FATF Recommendations and EU Directives/Regulations.
  • Liechtenstein implements these requirements via the Due Diligence Act and Ordinance.
  • MONEYVAL regularly assesses Liechtenstein’s compliance and commended high standards.
  • Liechtenstein’s banks reputed for transparency and commitment to a fair financial system.