Importance of Financial Compliance in Liechtenstein Highlighted
A Secure and Reliable Financial Hub
In a statement, H.S.H. Prince Michael of Liechtenstein, Member of the Board of Directors at Liechtenstein Finance, emphasizes the significance of financial compliance in maintaining Liechtenstein’s reputation as a solid and secure financial hub.
Post-EEA Accession: A New Era for Financial Compliance
Following Liechtenstein’s accession to the European Economic Area (EEA) in 1995, the country committed to adopting and implementing European regulations into its national law. This has had a profound impact on the Liechtenstein financial centre, which is now well-regulated and independently supervised.
Key Benefits of Financial Compliance
- Stability and Security: Strict laws and rules governing money laundering, cross-border tax offences, and terrorist financing have guaranteed the stability and security of the financial centre.
- Independent Supervision: A robust financial market supervisory authority ensures that these standards are met, allowing financial centre players to focus on their core competencies in long-term, cross-border asset management.
OECD Standards for Transparency and Exchange of Information
Liechtenstein’s strong commitment to OECD standards for transparency and exchange of information in tax matters has enabled the country’s financial centre to thrive. This has been particularly beneficial during uncertain times, as it allows financial centre players to provide secure and reliable services to their clients.
A Leader in Financial Compliance
As the financial landscape continues to evolve, Liechtenstein is poised to remain a leader in the industry. The country’s proximity and open cooperation between the government, administration, and financial centre associations will enable swift implementation of new requirements, such as emerging technologies, products, and regulations. This agility and innovation will ensure that Liechtenstein continues to play a pioneering role as a secure and reliable financial hub.
About H.S.H. Prince Michael of Liechtenstein
H.S.H. Prince Michael of Liechtenstein is a Member of the Board of Directors at Liechtenstein Finance, a leading provider of financial services in the country. He has been instrumental in promoting Liechtenstein’s reputation as a secure and reliable financial hub, and his expertise in financial compliance and regulation has been invaluable to the industry.