Financial Crime World

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Liechtenstein Takes Significant Steps to Combat Financing of Terrorism

August 14, 2018

Strengthening Defenses Against Money Laundering and Terrorist Financing

In a major effort to bolster its defenses against money laundering and terrorist financing, Liechtenstein has made significant progress in aligning its laws with international standards. A recent evaluation by experts has found that the country has consolidated a robust framework for combating these crimes, with domestic cooperation among key stakeholders being particularly effective.

Key Developments

  • Asset Confiscation Regime: The government of Liechtenstein has implemented a regime for confiscating assets linked to criminal activity, which has proven successful in disrupting illicit financial flows and bringing perpetrators to justice.
  • Domestic Cooperation: Domestic cooperation among key stakeholders has been effective in combating money laundering and terrorist financing, with the country’s government working closely with law enforcement agencies and other relevant institutions.

Areas for Improvement

Despite the significant progress made by Liechtenstein, there are areas where more work is needed. These include:

  • Consistent Enforcement of Laws: Ensuring that laws are consistently enforced and that institutions have the necessary resources to tackle complex cases effectively.
  • Resource Allocation: Allocating sufficient resources to institutions responsible for combating money laundering and terrorist financing, enabling them to effectively tackle complex cases.

A Model for Other Countries

Liechtenstein’s progress in combating money laundering and terrorist financing serves as a model for other countries seeking to strengthen their own defenses against these threats. As one expert notes, “Liechtenstein’s commitment to transparency and cooperation is paying off, with the country now being recognized as a leader in this field.”

Conclusion

The report’s findings are expected to inform policy debates at both national and international levels, further strengthening efforts to prevent the financing of terrorism worldwide.