Liechtenstein Scores High in Combatting Financial Crimes, Terrorism Financing: Report
A recent report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe has praised Liechtenstein’s efforts to combat financial crimes and terrorism financing. According to the report, Liechtenstein is among the top five best-performing European countries in this area.
Effective Measures to Combat Financial Crimes
The authorities in Liechtenstein have demonstrated a good understanding of the risks associated with money laundering and terrorism financing. They have implemented effective measures to investigate and prosecute all types of money laundering. The country has also shown strong cooperation with neighboring countries, including Switzerland and Austria, as well as with the Swiss Border Guard Corps.
Financial Sector’s Efforts
Financial sector stakeholders in Liechtenstein have taken significant steps to combat financial crimes and terrorism financing. They have implemented sophisticated measures to counteract these risks. The Financial Market Authority (FMA) of Liechtenstein has strengthened its controls, despite being hampered by staff shortages. Additionally, Liechtenstein provides effective international legal assistance.
Prime Minister’s Response
The Prime Minister of Liechtenstein, Daniel Risch, welcomed the positive assessment from Moneyval, saying that it confirms the country’s robust and comprehensive system to combat money laundering and terrorism financing. He thanked all participants from the private and public sector for their involvement in the demanding assessment process.
CEO of the Liechtenstein Bankers Association’s Response
Simon Tribelhorn, CEO of the Liechtenstein Bankers Association (LBA), hailed the report’s findings as a testament to the banks’ consistent efforts over many years to combat financial crimes and terrorism financing. “This shows that our banks’ stringent compliance standards are having an effect and being noticed,” he said.
In Summary
- Liechtenstein has been praised by Moneyval for its efforts to combat financial crimes and terrorism financing.
- The country’s authorities have implemented effective measures to investigate and prosecute money laundering.
- Financial sector stakeholders have taken significant steps to counteract the risks of financial crimes and terrorism financing.
- The Prime Minister and CEO of the Liechtenstein Bankers Association welcomed the positive assessment, highlighting the country’s robust system to combat money laundering and terrorism financing.