Liechtenstein’s Efforts to Combat Money Laundering and Terrorist Financing Recognized

MONEYVAL Praises Liechtenstein’s Anti-Money Laundering and Anti-Terrorist Financing Efforts

Liechtenstein has made significant progress in implementing effective measures to prevent money laundering and terrorist financing, according to a recent evaluation by the Financial Action Task Force (FATF) style regional body MONEYVAL.

Strong Supervisory Approach and High Level of Technical Compliance

The evaluation report highlights Liechtenstein’s strong supervisory approach and its ability to identify and mitigate risks related to money laundering and terrorist financing. The country has demonstrated a high level of technical compliance with international standards, with only three out of 40 recommendations identified as non-compliant.

Quality of AML/CTF Supervision

One area where Liechtenstein excelled was in the quality of anti-money laundering (AML) and combating the financing of terrorism (CFT) supervision. MONEYVAL commended the Financial Market Authority (FMA) for its consistent risk-based supervision and ability to identify and mitigate ML/TF risks.

• The FMA’s understanding of ML/TF risks has significantly improved, and it has implemented effective risk mitigation mechanisms.
• The report also praised the FMA’s supervisory strategy, which includes policies and procedures that ensure a high level of efficiency in its supervisory activities. MONEYVAL encouraged the FMA to continue pursuing its risk-based supervision approach.

Register of Beneficial Owners

In addition to its efforts to combat financial crimes, Liechtenstein has implemented a register of beneficial owners for legal entities. The register is maintained electronically by the Office of Justice and provides access to relevant information for authorized parties.

• The FIU, FMA, National Police, Tax Administration, Office of Public Prosecutor, Court of Justice, and Liechtenstein Chamber of Lawyers may access the register for the purpose of fighting money laundering and terrorist financing.
• The register also allows financial institutions to verify the identities of their clients and conduct due diligence checks. This has helped to prevent illegal activities such as money laundering and terrorist financing.

Conclusion

Liechtenstein’s efforts to combat money laundering and terrorist financing have been recognized by MONEYVAL, a leading international organization in this field. The country’s strong supervisory approach and high level of technical compliance with international standards demonstrate its commitment to preventing these financial crimes.

• The implementation of the register of beneficial owners has also helped to prevent illegal activities and protect the financial system.
• Werner Meyer, Member of the Executive Board and Head Anti-Money Laundering and DNFBP Division at the FMA, welcomed the recognition and encouraged continued cooperation with international organizations to combat financial crimes.
• Philipp Röser, Deputy Head Supervision Section at the FMA, also emphasized the importance of ongoing efforts to prevent money laundering and terrorist financing.