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Liechtenstein Earns Top Marks for Anti-Money Laundering Efforts, Moneyval Report Reveals

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe has praised Liechtenstein’s performance in its latest report on anti-money laundering measures.

Strong Performance

According to the report, Liechtenstein’s authorities have demonstrated a good understanding of the risks associated with money laundering and terrorism financing. The country has a robust legal and institutional framework in place to effectively investigate and prosecute all types of money laundering. Additionally, Liechtenstein has been commended for its cooperation with neighboring nations, including Switzerland and Austria, as well as the Swiss Border Guard Corps.

Financial Sector Efforts

Financial sector stakeholders in Liechtenstein have also been recognized for their efforts to grasp the risks associated with money laundering and terrorism financing. Major banks and asset management firms have implemented sophisticated measures to counteract these risks. The Financial Market Authority (FMA) of Liechtenstein has strengthened its controls, despite being hampered by staff shortages.

Positive Assessment

Prime Minister Daniel Risch welcomed the positive assessment from Moneyval, stating that it confirms Liechtenstein’s robust and comprehensive system for combating money laundering and terrorism financing. He also thanked all participants from the private and public sector who contributed to the demanding and time–consuming evaluation process.

Industry Reaction

Simon Tribelhorn, CEO of the Liechtenstein Bankers Association (LBA), hailed the conclusions reached by Moneyval as proof that Liechtenstein has implemented stringent compliance standards. “This shows that the banks’ consistent efforts over many years in combating money laundering and terrorist financing are having an effect and being noticed,” he said.

Commitment to Combating Financial Crime

The positive report is a testament to Liechtenstein’s commitment to combating financial crime and maintaining its reputation as a stable and secure financial hub.