Financial Crime World

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Liechtenstein Scores High Marks in Financial Crime Fighting, Council of Europe Report Says

Principality of Liechtenstein Commended for Robust Anti-Money Laundering Measures

The Principality of Liechtenstein has been praised for its robust and comprehensive system to combat money laundering and terrorism financing by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe. According to the fifth report by Moneyval, Liechtenstein is among the top five best-performing European countries in this area.

Key Findings

  • The authorities in Liechtenstein have demonstrated a good understanding of the risks associated with money laundering and terrorism financing.
  • A legal and institutional framework facilitates effective investigation and prosecution of all types of money laundering.
  • Financial sector stakeholders, including banks and major asset management firms, have implemented sophisticated measures to counteract these risks.
  • The Financial Market Authority (FMA) has strengthened its controls despite facing staff shortages.

International Cooperation

Liechtenstein’s effective international legal assistance was also highlighted in the report. The country provides cooperation to other countries in their efforts to combat financial crime.

Government and Industry Reaction

The positive assessment from Moneyval was welcomed by the Prime Minister of Liechtenstein, Daniel Risch.

“The report confirms that Liechtenstein has put in place a robust and comprehensive system to combat money laundering and terrorism financing.”

Simon Tribelhorn, CEO of the Liechtenstein Bankers Association (LBA), also welcomed the conclusions reached by Moneyval.

“This shows that the banks’ consistent efforts over many years in the area of combating money laundering and terrorist financing are having an effect and are also being noticed.”

Impact on Reputation

The report is seen as a major boost for Liechtenstein’s reputation as a financial hub, with many experts hailing it as a model for other countries to follow.