Liechtenstein Tightens Anti-Terrorism Financing Regulations

Compliance with International Standards

The Liechtenstein Bankers Association (LBA) has reaffirmed its commitment to combating money laundering and financing of terrorism, with the country’s banks now fully compliant with international regulations.

Key Developments

• Assessment by the IMF: Liechtenstein underwent a rigorous assessment by the International Monetary Fund (IMF) in recent months as part of its membership in MONEYVAL.
• Compliance with High Standards: The results of this assessment deemed Liechtenstein compliant with high international standards.

Regulations and Directives

The country’s banks are now required to adhere to strict regulations, including:

EU Anti-Money Laundering Directives

• 4th Directive
• 5th Directive

EU Funds Transfer Regulation

These directives have been fully incorporated into domestic law through the Due Diligence Act and the Due Diligence Ordinance.

Implementation of FATF Recommendations

Liechtenstein’s banks are also expected to implement the 40 + 9 Recommendations of the Financial Action Task Force (FATF), which aim to prevent and combat money laundering, terrorist financing, and other related threats.

Continuous Monitoring

The country’s compliance with these regulations will be continuously monitored by MONEYVAL and the IMF, ensuring that Liechtenstein remains at the forefront of international efforts to combat financial crime.

Welcome from the LBA

The LBA has welcomed this development, stating that it reflects the country’s commitment to upholding high standards in anti-money laundering and combating the financing of terrorism. The association noted that regular revision and adaptation of domestic regulations will be necessary to ensure continued compliance with evolving international developments.

Conclusion

With its strong reputation for transparency and regulatory compliance, Liechtenstein is well-positioned to maintain its position as a respected financial hub in Europe.