Financial Crime World

Title: Liechtenstein’s Anti-Money Laundering Progress: MONEYVAL Report Highlights Advancements and Areas for Improvement

New MONEYVAL Report Praises Liechtenstein’s Strides in Combating Money Laundering and Terrorist Financing

  • Council of Europe’s MONEYVAL commends Liechtenstein for progress in ML/TF combat
  • Impressive strides in risk understanding, policy setting, and international cooperation

Areas for Enhancement: Supervision, Compliance, Beneficial Ownership Transparency, and Investigations

  • Supervision: Adequate supervision lacking for higher-risk entities
  • Compliance: Improvements needed in private sector’s implementation of ML/TF laws
  • Beneficial Ownership Transparency: Registry monitoring for completeness and credibility missing
  • Investigations and Prosecutions: Focus on sophisticated ML schemes and terrorism financing

Liechtenstein’s Strengths: Financial Intelligence Production, Crime Proceeds Confiscation, and International Cooperation

  • Financial Intelligence Production: Success in generating relevant information
  • Crime Proceeds Confiscation: Emphasis on successful asset recovery
  • International Cooperation: Strong collaboration with Switzerland and Austria

Private Sector Awareness: Improvements but Lack of Adequate Supervision

  • Private Sector Involvement: Improvement in risk awareness, particularly in large banks and trust service providers
  • Supervision: No mention of adequate supervision for higher-risk entities

Beneficial Ownership Transparency: Progress in Providing Information but Room for Improvement

  • Availability of BO Information: Competent authorities now have access to BO information from both public and private sectors
  • Monitoring of BO Information: No mention of monitoring regime in place for BO register maintained by the Office of Justice

International Cooperation: Timely and Constructive Assistance Provided

  • Assistance Provided: Timely and constructive cooperation in international investigations

Five Jurisdictions Achieve Liechtenstein’s Positive Report Outcome

  • MONEYVAL’s Praise: Liechtenstein joins the rank of five jurisdictions with positive report outcomes

[To read the full MONEYVAL and Liechtenstein report, follow this link:](Link to the Report)

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