Financial Crime World

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Financial Intelligence Unit Activities in Liechtenstein

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The Financial Intelligence Unit (FIU) plays a crucial role in identifying and reporting suspicious financial transactions, collaborating with foreign authorities to combat transnational crime, and enforcing international sanctions. In this article, we will summarize the key points related to FIU activities in Liechtenstein.

Combating Money Laundering

  • The FIU reports an increase in cases related to money laundering, with 20 reports of suspicion in the year under review.
  • Financial institutions in Liechtenstein are required to implement effective anti-money laundering (AML) measures to prevent and detect suspicious transactions.

Terrorist Financing

  • The FIU is concerned about terrorist financing and its nexus to Liechtenstein.
  • It has joined the Counter Terrorist Financing Taskforce – Israel (CTFTI) to combat international money flows related to Hamas.

International Sanctions

  • The FIU continues to enforce international sanctions, particularly against Russia’s war of aggression against Ukraine.
  • A separate report on sanctions will be published later in 2024.

International Cooperation

Egmont Group of Financial Intelligence Units

  • The Egmont Group is an association of national FIUs worldwide, promoting information exchange and cooperation to combat transnational crime.
  • The FIU engages in information exchange with foreign FIUs, participates in multinational task forces (e.g., CTFTI), and collaborates with international organizations (e.g., Egmont Group, MONEYVAL).

Europol Financial Intelligence Public Private Partnership (EFIPPP)

  • The FIU aims to become a member of the EFIPPP, which would enhance its collaboration with other authorities and financial institutions.

Conclusion

The FIU plays a vital role in combating money laundering, terrorist financing, enforcing international sanctions, and promoting international cooperation. Its efforts are essential in maintaining the integrity of the financial system and preventing transnational crime.