Financial Crime World

LIECHTENSTEIN TIGHTENS SANCTIONS SCREENING PROCEDURES IN COMPLIANCE WITH INTERNATIONAL LAW

Upgrading Sanctions Screening Procedures

Liechtenstein has strengthened its commitment to upholding international law and protecting fundamental human rights by bolstering its sanctions screening procedures in line with United Nations (UN) resolutions.

Background on International Law Compliance

The small European principality, which joined the UN in 1990, is now obliged under international law to implement non-military measures against individual states, organizations, or persons deemed a threat to global peace and security. The country’s legal basis for domestic implementation of UN sanctions is the International Sanctions Enforcement Act (ISG), while it also participates in EU sanctions within the framework of autonomous enforcement.

Key Roles and Responsibilities

The FIU has been designated as the primary enforcement authority, with other official agencies taking on additional roles depending on the ordinance and sanction at hand.

Resources for Businesses and Individuals

To ensure compliance with these measures, Liechtenstein has introduced a range of tools and resources for businesses and individuals operating within its borders. These include:

  • A newsletter service from the Financial Intelligence Unit (FIU) to keep registered users informed about upcoming changes to applicable sanctions lists and their impact on Know-Your-Customer (KYC) efforts.
  • Access to a website containing information on UN sanctions lists, allowing users to search for listed individuals, companies, and organizations.
  • A dedicated webpage for EU sanctions, offering information on relevant ordinances and updates via its “Latest Landesgesetzblätter” newsletter or through the URL https://www.gesetze.li/chrono/neueste-lgbl.

Implementing Measures in Compliance

The implementation of these measures reflects Liechtenstein’s commitment to upholding international law and protecting fundamental human rights. The country’s foreign policy priorities are aligned with those of the European Union, ensuring that it regularly updates its sanctions ordinances in line with EU decisions.

Key Resources for Information on Sanctions Screening Procedures