Financial Crime World

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Liechtenstein Commits to Strengthening Anti-Money Laundering and Terrorism Financing Measures

MONEYVAL Report Highlights Progress and Areas for Improvement

The Council of Europe’s anti-money laundering body, MONEYVAL, has released a comprehensive report on Liechtenstein’s efforts to combat money laundering (ML) and financing of terrorism (FT). The report acknowledges the country’s progress in improving its measures but emphasizes that further enhancements are necessary to meet international standards.

Areas of Progress

  • Strong Understanding of ML/TF Risks: Liechtenstein has demonstrated a strong understanding of ML/TF risks, established effective national policies, and coordinated efforts among authorities.
  • Success in Confiscating Proceeds of Crime: The country has shown success in confiscating proceeds of crime and investigating terrorist financing cases.
  • Cooperation with Neighboring Countries: Liechtenstein has cooperated with neighboring countries Switzerland and Austria in combating terrorism and FT.

Areas for Improvement

  • Supervision over High-Risk Entities: MONEYVAL emphasizes that further efforts are required to strengthen supervision over high-risk entities.
  • Beneficial Ownership Information: The country needs to improve the completeness and plausibility of beneficial ownership information held in its register.
  • Procedural Constraints: While Liechtenstein has been cooperative with international requests for assistance, there are some procedural constraints that need to be addressed.

Commitment to Enhancing AML/CFT Measures

As a result of this positive report, Liechtenstein will become one of only five member-jurisdictions subject to MONEYVAL’s regular follow-up reporting process. The country is committed to continuing its efforts to enhance its AML/CFT measures and to meet the international standards set by the Financial Action Task Force (FATF).

Full Report Available on MONEYVAL Website

The full report can be accessed on the MONEYVAL website, providing a detailed assessment of Liechtenstein’s progress in combating ML and FT.