Title: Liechtenstein’s Battle Against Money Laundering and Terrorist Financing: A Proactive Approach
Introduction
In the small European principality of Liechtenstein, the government has taken a strong stance against money laundering, terrorist financing, and organized crime. Known for its internationally oriented financial center, Liechtenstein is committed to following strict international standards. In this article, we outline the strategic goals of Liechtenstein in its fight against financial crime.
Strategic Goals
1. Implementing International Obligations
- Effectively implement international obligations and standards to combat money laundering and terrorist financing
- Adhere to international standards to strengthen financial sector and increase legal certainty for clients
- Monitor political and regulatory developments and implement promptly
Key Points
- Strengthens financial sector and international reputation
- Plays a crucial role in the international fight against financial crime
2. Targeted Risk Management
- Focus on risk-based approach to more effectively combat money laundering and terrorist financing
- Continuously improve risk management by persons subject to due diligence
- Intense communication between supervisory authorities and relevant stakeholders
Key Points
- Effectively protects financial sector and reputation
- Understands and addresses risks in a timely manner
3. Effective Prosecution
- Ensure a strong legal framework for the prosecution of money laundering and terrorist financing
- Collaborate with international partners to identify perpetrators and their networks
Key Points
- Contributes to the identification of perpetrators and their networks
- Makes progress in the fight against financial crime
4. International Cooperation and Exchange of Information
- Intensify cooperation and coordination between national and international authorities
- Develop institutionalized public-private partnerships
- Engage in regular and results-oriented exchanges
Key Points
- Improves ability to address evolving risks in the financial sector
- Shares information and resources with international partners
Conclusion
Liechtenstein’s proactive approach to combating money laundering, terrorist financing, and organized crime secures the reputation and integrity of its financial sector while ensuring the safety and security of its clients and stakeholders. By implementing a comprehensive strategy based on the latest international standards, Liechtenstein is well positioned to effectively address these illicit activities.