Financial Crime World

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

Recent Evaluation Highlights Liechtenstein’s Strong Anti-Money Laundering Measures

In June 2022, MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) published its report evaluating Liechtenstein’s efforts to combat money laundering and terrorist financing. The evaluation commended Liechtenstein for its broad and convergent understanding of money laundering and financing of terrorism risks.

Strengths in Supervision and Risk-Based Approach

Liechtenstein scored above average in five out of eleven subject areas examined, with no non-compliant ratings. The Financial Market Authority (FMA) was praised for its:

  • Risk-based supervision: Consistent risk-based supervision has been strengthened since 2018.
  • Understanding of money laundering and terrorist financing risks: Efficient application of remedial actions and sanctions.

Disclosure Requirements and Global Initiative

Liechtenstein’s disclosure requirements reflect its commitment to combating money laundering and terrorist financing. Subject to certain conditions, data from the Register of Beneficial Owners of Legal Entities is disclosed to banks and financial institutions in other European Economic Area (EEA) Member States or certain third states for due diligence purposes.

As a member of MONEYVAL, Liechtenstein is committed to implementing the Financial Action Task Force (FATF) Recommendations and ensuring that its financial sector is transparent and secure.

Quotes from Key Officials

  • “We are pleased with the positive evaluation by MONEYVAL,” said Werner Meyer, Member of the Executive Board at the FMA. “We will continue to strengthen our measures to combat money laundering and terrorist financing and ensure that our financial sector remains a safe and secure place for businesses and individuals.”
  • Philipp Röser, Deputy Head of Supervision at the FMA’s Anti-Money Laundering and DNFBP Division, added: “Our commitment to combating money laundering and terrorist financing is an important step in preventing these illegal activities and protecting the financial system from abuse.”

Conclusion

Liechtenstein’s efforts demonstrate its determination to be a leader in anti-money laundering measures. The country’s strong supervision, risk-based approach, and disclosure requirements serve as an example for other countries to follow.