LIECHTENSTEIN LEADS THE WAY IN COMBATING MONEY LAUNDERING AND TERRORISM FINANCING

A Model for European Countries to Follow

Liechtenstein has been praised by the Council of Europe’s Moneyval committee for its outstanding performance in fighting money laundering and terrorism financing. According to a recent report, the Principality of Liechtenstein ranks among the top five best-performing European countries in this area.

Effective Response to Risks Associated with Money Laundering

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism has highlighted that both the authorities and the financial sector in Liechtenstein have demonstrated exceptional competence in responding to the risks associated with money laundering. Key factors contributing to this success include:

• Strong legal framework: The report notes that the legal framework has enabled effective investigation and prosecution of all types of money laundering.
• Efficient cooperation with neighboring countries: Liechtenstein has efficiently cooperated with neighboring countries such as Switzerland and Austria, demonstrating its commitment to international cooperation in combating financial crime.

Financial Sector Stakeholders Take Proactive Steps

Financial sector stakeholders have also taken significant steps to grasp the risks associated with money laundering and terrorism financing. Key measures include:

• Implementation of sophisticated measures: Banks and major asset management firms have implemented sophisticated measures to counteract these risks.
• Strengthened controls by the Financial Market Authority (FMA): Despite facing staff shortages, the FMA has strengthened its controls to ensure effective oversight of the financial sector.

Recognition from Moneyval

Liechtenstein’s Prime Minister Daniel Risch welcomed the positive assessment from Moneyval, saying “The report confirms that Liechtenstein has put in place a robust and comprehensive system to combat money laundering and terrorism financing.” He also thanked all participants from the private and public sector for their efforts during the demanding evaluation process.

Conclusion

Liechtenstein’s effective international legal assistance and cooperation with neighboring countries have further enhanced its reputation as a leader in combating financial crime. The country’s commitment to implementing robust anti-money laundering measures has been recognized by Moneyval, cementing its position as one of the top performers in Europe in this area.