Title: MONEYVAL Commends Liechtenstein’s Anti-Money Laundering Progress, Urges Further Strengthening
MONEYVAL, the Council of Europe’s anti-money laundering and countering the financing of terrorism (AML/CFT) body, has released a new report commending Liechtenstein’s advancements in combating money laundering (ML) and terrorist financing (TF). However, the report emphasizes the need for continued improvements in several areas.
Liechtenstein’s Substantial Strides
In the report published on 2022-06-29, MONEYVAL recognized Liechtenstein’s progress in the following sectors:
- Risk assessment
- Policy-making
- Financial intelligence utilization
- Investigation and prosecution of ML and TF crimes
Areas Requiring Enhancements
Despite these accomplishments, MONEYVAL urged further improvements in the following sectors:
- Supervision
- Implementation of AML/CFT preventative measures in the private sector
- Transparency in beneficial ownership information
- Investigation and prosecution of ML cases, particularly those with diverse foreign predicates
MONEYVAL’s Recommendations
The report highlighted the following recommendations for Liechtenstein:
- Refine risk assessment processes
- Improve international cooperation, particularly in investigating complex ML cases involving legal structures established in the country
- Ensure timely and effective implementation of AML/CFT measures by the private sector
Recent Successes and Procedural Constraints
The report commended Liechtenstein’s competent authorities for their successful cooperation with their counterparts from Switzerland and Austria in countering TF. However, it also acknowledged procedural constraints that may impact the effectiveness and timeliness of international cooperation assistance.
Satisfaction with Liechtenstein’s Progress
Despite these challenges, MONEYVAL expressed its satisfaction with Liechtenstein’s progress and encouraged continued efforts to further strengthen its AML/CFT measures.
Follow-up Reporting Process
Following the publication of the report, Liechtenstein will undergo a regular follow-up reporting process, making it one of only five member-jurisdictions with this outcome so far.