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Liechtenstein Strengthens Anti-Money Laundering Laws

The Principality of Liechtenstein has implemented new anti-money laundering (AML) laws, aimed at preventing the country’s financial system from being used for illicit activities. The revised measures are based on the 5th EU AML Directive and come into effect on April 1, 2021.

Extension of Scope

The scope of the Law on Professional Due Diligence to Combat Money Laundering, Organized Crime, and Terrorist Financing (Due Diligence Act; DDA) has been extended to include new entities and activities. These include:

  • Real estate agents
  • Art traders
  • Virtual asset service providers (VASPs)
  • Token issuers

Harmonization of Measures for High-Risk Third Countries

The new law harmonizes the measures for dealing with high-risk third countries, ensuring that all EU member states apply the same enhanced due diligence requirements.

To improve transparency, the 5th AML Directive requires the central register to be expanded to include trusts and similar legal agreements. The access to the central registers is also extended, and persons subject to the DDA are obliged to consult the register when establishing a business relationship with a legal entity or trust.

Key Changes

  • Expansion of the central register to include trusts and similar legal agreements
  • Extended access to the central registers for persons subject to the DDA
  • Obligation to consult the register when establishing a business relationship with a legal entity or trust

Centralized Bank Account Register

A centralized bank account register will be set up in Liechtenstein to identify holders of bank accounts and safe deposit boxes. The SFIU and FMA will have access to the data in this register.

National and International Cooperation

The 5th AML Directive strengthens cooperation between authorities responsible for combating money laundering and countering terrorist financing.

Implementation

The revised measures are implemented through various laws and regulations, including:

  • Due Diligence Act
  • Due Diligence Ordinance
  • Act on the Register of Beneficial Owners of Legal Entities

The Financial Market Authority Liechtenstein (FMA) will oversee the implementation and enforcement of these new laws.

Contact Information

For further information, please contact:

Bettina Kern Senior Legal Officer, Anti-Money Laundering and DNFBP Division Financial Market Authority Liechtenstein Phone: +423 236 73 73 Email: bettina.kern@fma-li.li