Liechtenstein Named Top Performer in Fight Against Money Laundering
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) has given Liechtenstein a glowing assessment for its efforts to combat money laundering. In its latest report, Moneyval ranked Liechtenstein among the top five best-performing European countries in this area.
Exceptional Competence in Responding to Risks
Liechtenstein’s authorities have demonstrated exceptional competence in responding to the risks associated with money laundering and terrorism financing. The country has a good understanding of these risks and an effective legal and institutional framework for investigating and prosecuting such crimes.
- Good understanding of the risks posed by money laundering and terrorism financing
- Effective legal and institutional framework for investigating and prosecuting crimes
Strong Cooperation with Neighboring Nations
Liechtenstein has been praised for its cooperation with neighboring nations, including Switzerland and Austria, as well as the Swiss Border Guard Corps. This strong cooperation demonstrates the country’s commitment to combating money laundering and terrorism financing.
- Cooperation with Switzerland
- Cooperation with Austria
- Cooperation with the Swiss Border Guard Corps
Financial Sector Stakeholders Take Action
Financial sector stakeholders in Liechtenstein have shown a strong grasp of the risks associated with money laundering and terrorism financing. Banks and major asset management firms have implemented sophisticated measures to counteract these threats.
- Banks implement stringent compliance standards
- Major asset management firms take proactive steps to prevent money laundering
Financial Market Authority Strengthens Controls
The Financial Market Authority (FMA) has strengthened its controls, although it is still facing staff shortages. This demonstrates the authority’s commitment to combating money laundering and terrorism financing.
- FMA strengthens controls
- FMA faces staff shortages
Prime Minister Welcomes Positive Assessment
Liechtenstein’s Prime Minister, Daniel Risch, welcomed the positive assessment from Moneyval, saying that it confirms the country’s robust and comprehensive system for combating money laundering and terrorism financing. He also thanked participants from the private and public sectors for their role in this “demanding and time-consuming” assessment.
CEO of Liechtenstein Bankers Association Echoes Sentiments
Simon Tribelhorn, CEO of the Liechtenstein Bankers Association (LBA), echoed Risch’s sentiments, saying that the Moneyval report demonstrates the effectiveness of stringent compliance standards implemented by banks to combat money laundering and terrorist financing.