Title: Liechtenstein’s Unwavering Commitment to Anti-Money Laundering Regulations: An In-depth Look at MONEYVAL’s Report 🇱
Liechtenstein, the small European principality, continues to assert its unwavering dedication to preventing Money Laundering (AML) and Financing of Terrorism (CFT). This stance is reinforced by the recent publication of MONEYVAL’s comprehensive report on Liechtenstein’s extensive efforts to implement international standards and uphold a robust regulatory framework.
Member of the European Economic Area (EEA) and Implementation of EU Directives 🌇
Situated in Europe, Liechtenstein follows the highest AML/CFT regulations. Its membership in the EEA and compliance with EU’s 4th, 5th AML Directives, and Regulation (EU) 2015/847 underscore this commitment.
Pillars of Liechtenstein’s AML/CFT Framework 🏗️
- Law on Professional Due Diligence for the Prevention of Money Laundering, Organised Crime and Financing of Terrorism (SPG)
- Act on the Register of the Beneficial Owners of Legal Entities (VwbPG)
Key Institutions and their Roles 🧐
Finance Market Authority (FMA)
- Monitors due diligence compliance
- Enforces regulations
Financial Intelligence Unit (FIU)
- Receives and analyzes reports
- Investigates money laundering, terrorist financing
Prosecution Authorities
- Office of the Public Prosecutor
- Enforces Criminal Code’s provisions
- Parts of the due diligence legislation
Registration of Beneficial Owners (Office of Justice)
- Maintains Liechtenstein’s registry
Compliance with International Standards 🌍
Since 1999, Liechtenstein’s involvement in AML/CFT initiatives aligns with international standards set forth by the Financial Action Task Force (FATF). It is a MONEYVAL member, undergoing its fifth evaluation round in 2021-2022.
European Cooperation 💡
At the European level, Liechtenstein, represented by the FMA, collaborates with the European Banking Authority (EBA) and the AML CFT Standing Committee to further develop and harmonize AML/CFT regulations.