Liechtenstein Fails to Meet International Standards in Financial Crime Reporting

Evaluation by FATF Reveals Significant Shortcomings

In a recent assessment conducted by the Financial Action Task Force (FATF), Liechtenstein has been found to be lacking in its efforts to combat financial crime. The evaluation, which was based on the 2012 FATF Recommendations and the 2013 Methodology, highlights significant shortcomings in the country’s financial crime reporting guidelines.

Key Findings of the Evaluation

• Inadequate Implementation: Liechtenstein’s implementation of financial crime reporting guidelines has been deemed inadequate by international standards.
• Failure to Meet Benchmarks: The country has failed to meet expected benchmarks for combating money laundering and other illicit activities.

Priority Actions for Rectification

The Executive Summary of the evaluation report outlines the Key Findings and Priority Actions necessary for Liechtenstein to rectify its shortcomings. These actions include:

• Enhancing financial crime reporting guidelines
• Improving implementation of anti-money laundering measures
• Increasing transparency in financial transactions

Conclusion

Liechtenstein’s failure to meet international standards in financial crime reporting is a cause for concern. The country must take immediate action to address the shortcomings identified by the FATF evaluation and implement necessary reforms to ensure compliance with global anti-money laundering regulations.