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Compliance Procedures in Banking in Liechtenstein Receive High Marks from OECD Global Forum

Liechtenstein has once again demonstrated its commitment to robust compliance procedures in banking, earning a top rating of “Largely Compliant” from the Organisation for Economic Co-operation and Development (OECD) Global Forum.

A Leader in Combating Financial Crimes

The country’s efforts to combat money laundering, tax evasion, and other financial crimes have been recognized as among the best in the world. Liechtenstein’s regulators and financial institutions are working closely together to mitigate any potential risks and maintain the high standards of compliance that have come to be expected.

Contingency Plans for Brexit

In preparation for the UK’s exit from the European Union, also known as Brexit, Liechtenstein has put in place contingency plans to ensure continued stability and security in its banking sector. The country is committed to maintaining a stable and secure financial system despite the challenges posed by Brexit.

Embracing Sustainability

Liechtenstein’s commitment to sustainability is evident in its adoption of new disclosure rules for sustainable investment, which were recently agreed upon at the EU level. The Liechtenstein Bankers Association (LBA) welcomes this development as a significant step forward in promoting environmentally responsible and socially responsible investing.

New Double Taxation Agreement with Italy

In addition, Liechtenstein has signed a new double taxation agreement with Italy, further solidifying its reputation as a reliable and transparent financial center. The country’s banking sector is also embracing digitalization, with the implementation of the Payment Services Directive 2 (PSD2) marking a major milestone in the adoption of new technology.

Supporting EU Sustainability Taxonomy

The LBA has expressed its support for the EU Sustainability Taxonomy, which provides a common framework for classifying sustainable investments and promoting transparency. This move is seen as a crucial step in helping banks and other financial institutions to better understand and report on their environmental, social, and governance (ESG) performance.

A Roadmap for Sustainable Finance

As the world grapples with the challenges of climate change, sustainable finance has become an increasingly important issue. Liechtenstein’s commitment to sustainability is evident in its roadmap for promoting environmentally responsible investing and its efforts to combat dirty money through robust anti-money laundering measures.

Conclusion

Overall, Liechtenstein’s compliance procedures in banking continue to receive high marks from international observers, demonstrating the country’s ongoing commitment to transparency, accountability, and financial stability.