Financial Crime World

Title: “Liechtenstein’s Foundation Supervision and Anti-Money Laundering Division: A Bulwark Against Financial Crimes”

Introduction

Nestled in the heart of the Alpine principality of Liechtenstein, the Foundation Supervision and Anti-Money Laundering Division (FSAMLD) represents an unsuspecting yet crucial bulwark against financial crimes. Located within the Office of Justice, this dynamic division is dedicated to safeguarding Liechtenstein’s finances and maintaining the country’s reputation as a sought-after financial hub.

Roles and Responsibilities

Foundation Supervision

The FSAMLD plays a pivotal role in supervising foundations in Liechtenstein, acting as the Foundation Supervisory Authority (STIFA) under Art. 552 para 29 PGR. This role encompasses the following responsibilities:

  • Ensuring that foundation assets are managed and used in accordance with their stated objectives
  • Verifying the accuracy of notifications of foundation formation and amendments

Ensuring Compliance

When necessary, the FSAMLD seeks legal recourse to safeguard these interests. STIFA’s role includes:

  • Supervising common-benefit foundations and private-benefit foundations that have voluntarily submitted to its oversight
  • Ensuring that foundations comply with their stated objectives
  • Safeguarding the interests of the foundations and their beneficiaries

Register of Beneficial Owners (VwbP)

The FSAMLD manages the electronic Register of Beneficial Owners (VwbP). This critical registry is designed to thwart money laundering, predicate offenses to money laundering, and terrorist financing. It meticulously collects:

  • Data on the beneficial owners of legal entities
  • Information on their residency, nationality, and nature and extent of their interests

Anti-Money Laundering Regulatory Compliance

The Division assumes responsibility for incorporating international and European anti-money laundering regulations within the Office of Justice. These efforts underscore Liechtenstein’s dedication to upholding the highest standards in financial regulation and compliance.

Electronic Central Register of Accounts (ZKR)

Lastly, the FSAMLD is entrusted with the administrative maintenance of the electronic Central Register of Accounts (ZKR). This register functions as a cornerstone in the fight against money laundering, organized crime, and terrorist financing. The ZKR identifies all natural and legal persons who:

  • Maintain a payment or bank account
  • Have a safe deposit box

with a Liechtenstein bank or investment firm.

Conclusion

The Foundation Supervision and Anti-Money Laundering Division, an unsuspecting yet crucial division in Liechtenstein, is dedicated to ensuring transparency, prevent financial crimes, and uphold the highest standards of financial regulation and compliance.