Financial Crime World

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Sanctions Screening Methods in Liechtenstein: A Complex Task

In recent years, international efforts to combat terrorism and financial crime have led to the implementation of UN and EU sanctions domestically in Liechtenstein. This article provides an overview of the country’s approach to enforcing these measures, with a focus on the role of the financial intelligence unit (FIU) and the key players involved.

A Delicate Balance

Liechtenstein’s International Sanctions Enforcement Act (ISG) serves as the legal basis for its domestic implementation of UN and EU sanctions. The Swiss customs treaty also plays a significant role in regulating the movement of goods and persons. Depending on the ordinance and sanction, various official agencies may be designated by the government as enforcement authorities.

Key Considerations

  • International cooperation: Liechtenstein’s approach to combating financial crime relies heavily on international cooperation.
  • Domestic implementation: The country has implemented its own laws and regulations to enforce UN and EU sanctions.
  • Effective enforcement: The FIU plays a crucial role in ensuring that businesses comply with international regulations.

Staying Ahead of the Curve

The FIU provides a newsletter to keep registered users informed about adjustments to applicable sanctions lists. This service ensures that businesses remain compliant with international regulations and can anticipate upcoming changes affecting their Know-Your-Customer (KYC) efforts.

Resources

  • UN Sanctions List Website: A valuable resource for searching listed individuals, companies, or organizations.
  • FIU Guidance on Enforcing International Sanctions: Available on the FIU’s website.
  • Swiss SECO - State Secretariat for Economic Affairs Division: Provides information on customs regulations in the context of the movement of goods and persons.

EU Sanctions Alignment

Liechtenstein regularly aligns itself with EU sanctions within the framework of the political dialogue between the EU and EEA/EFTA states and based on its foreign policy priorities. The relevant ordinances are available online, and new developments are communicated through the “Latest Landesgesetzblätter” newsletter or at the URL https://www.gesetze.li/chrono/neueste-lgbl.

Key Players

  • National Supervisory Authorities for the Due Diligence Act (DDA): Monitor compliance with specific obligations arising from the ISG.
  • Financial Market Authority Liechtenstein: Plays a key role in enforcing international sanctions.
  • Liechtenstein Bar Association: Ensures that lawyers comply with applicable regulations.
  • Government Legal Service: Provides legal advice to the government on matters related to sanctions enforcement.

Conclusion

Sanctions screening methods in Liechtenstein require a delicate balance between international cooperation, domestic implementation, and effective enforcement. As the country continues to evolve its approach to combating financial crime, it is essential for businesses to stay informed about applicable regulations and ensure compliance with international standards.