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FINANCIAL REGULATOR CRACKS DOWN ON FINANCIAL CRIME IN LIECHTENSTEIN
The Financial Market Authority (FMA) in Liechtenstein has taken a firm stance on enforcing laws against financial crime, with a focus on protecting clients and maintaining the reputation of the country’s financial centre.
Administrative Proceedings Underway
In recent months, the FMA has initiated administrative proceedings against several entities suspected of violating supervisory law. The regulator is working to establish the facts of each case and order necessary measures and fines.
Key Objectives:
- Establishing the facts of each case
- Ordering necessary measures and fines
- Protecting clients and maintaining the reputation of the financial centre
Strengthening Reputation and Credibility
Through its enforcement efforts, the FMA aims to consistently implement legal provisions and demonstrate that violations of the law will be discovered and punished. By doing so, it hopes to strengthen the reputation of Liechtenstein’s financial centre and the credibility of its supervision.
Key Benefits:
- Consistent implementation of legal provisions
- Demonstration of consequences for violating the law
- Strengthened reputation of the financial centre
Cooperation with Foreign Authorities
The FMA is working closely with domestic and foreign authorities to coordinate its enforcement efforts and ensure compliance with recognised international standards.
Collaboration Partners:
- Domestic authorities
- Foreign authorities
- International regulatory bodies
Focus on Individual Responsibility
While the FMA has reserved the right to conduct administrative proceedings against individuals responsible for serious violations of supervisory law, it notes that market supervision will continue to focus on addressing individual misconduct among supervised entities.
Individual Accountability:
- Reserving the right to conduct proceedings against individuals
- Focusing on addressing individual misconduct among supervised entities
Fair and Transparent Procedures
The FMA assures that its proceedings are conducted fairly and in accordance with constitutional and statutory procedural rights. The regulator maintains clearly structured files and informs parties about the opening, status, and discontinuation of proceedings.
Fairness and Transparency:
- Conducting proceedings fairly
- Maintaining clearly structured files
- Informing parties about proceeding status
Rapid and Decisive Action
The FMA is committed to conducting its proceedings rapidly and decisively, opposing any attempts by parties to delay proceedings. It continuously examines whether the subject matter of the proceedings can be limited.
Efficiency:
- Conducting proceedings rapidly and decisively
- Opposing delays in proceedings
Uniform Enforcement Process
The FMA ensures that its proceedings are conducted in a uniform and consistent manner, with training for enforcement personnel to maintain professional standards.
Consistency:
- Conducting proceedings uniformly and consistently
- Training for enforcement personnel
Independent Experts
To support its enforcement efforts, the FMA may mandate experts to clarify facts relevant under supervisory law. These experts are selected through a transparent process, and their activities and costs are monitored.
Expert Support:
- Mandating independent experts
- Transparent selection process
- Monitoring expert activities and costs
Criminal Proceedings and Complaints
Where sufficient suspicion of a criminal offence is identified, the FMA will initiate administrative criminal proceedings or file a complaint with the Office of the Public Prosecutor if a conviction appears likely.
Criminal Prosecution:
- Initiating administrative criminal proceedings
- Filing complaints with the Office of the Public Prosecutor
Transparency in Enforcement
The FMA publishes selected cases in its Annual Report and FMA Practice, summarising penalties imposed on its website. In high-profile cases, it reports proactively and, if necessary, by name to protect clients, correct false information, and safeguard the reputation of the financial centre.
Transparency:
- Publishing selected cases
- Reporting on high-profile cases