Liechtenstein Faces Scrutiny Over Financial Crime Laws

International Watchdog Highlights Areas for Improvement

A recent evaluation by the Financial Action Task Force (FATF), a leading international anti-money laundering watchdog, has identified areas where Liechtenstein’s banking regulations need improvement to prevent financial crime.

Key Findings of the Evaluation

• Progress in combating money laundering and terrorist financing: The review notes that Liechtenstein has made progress in its efforts to combat these crimes.
• Shortcomings in regulation and monitoring: Despite progress, the evaluation identifies key shortcomings that must be addressed by the country’s authorities.

Areas for Improvement

The FATF assessment highlights three critical areas where Liechtenstein needs to improve:

• Monitoring and regulating financial institutions: The report emphasizes the need for more effective measures to monitor and regulate financial institutions. • Customer due diligence procedures: Strengthening customer due diligence procedures is essential to prevent financial crime. • Cooperation with international partners: Enhancing cooperation with international partners in investigating and prosecuting financial crimes is crucial.

Full Report Available

The full report detailing the results of the evaluation, including priority actions required by Liechtenstein to strengthen its banking regulations, is now available.