Financial Crime World

Financial Intelligence Unit (FIU) of Liechtenstein: 2020-2021 Report

Key Statistics

The FIU has released its report on activities from 2020 to 2021, highlighting the following key statistics:

  • Suspicious Activity Reports (SARs): 17,935
  • Suspicious Transaction Reports (STRs): 42,542
  • Total Number of Reports: 60,477

The FIU notes several trends and observations from the reporting period:

  • An increase in SARs compared to previous years, with a notable surge in cases where both the perpetrator and victim are domiciled or resident outside Liechtenstein.
  • The FIU observes that persons subject to due diligence have increased their risk awareness regarding issues related to “indirect control” under the International Sanctions Act (ISG).

Approvals and Reports under the International Sanctions Act (ISG)

The report highlights the following activities related to ISG:

  • Applications for approval were primarily submitted by trust companies managing business relationships affected by ISG asset freezes from previous years.
  • The Government approved payment of administrative costs, fees, and tax liabilities in such cases upon request from the FIU.

Other Activities

The FIU engaged in various other activities during the reporting period:

  • Public-Private Partnership Events: The FIU participated in public-private partnership events to discuss case studies related to indirect control under the ISG.
  • Casebooks: They also highlighted these issues in their casebooks during the reporting period.

Conclusion

The report concludes by noting that the FIU is pleased with the increased risk awareness among persons subject to due diligence and looks forward to continued cooperation and information exchange with domestic and international partners.