Financial Crime World

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Liechtenstein’s Financial Sector Remains Stable Despite International Challenges

The Principality of Liechtenstein’s financial sector has successfully navigated a tumultuous landscape, with the country’s Financial Market Authority (FMA) playing a crucial role in maintaining stability. According to the FMA’s Economic Report 2023, released earlier this week, the effective enforcement of regulatory policies has been instrumental in preventing market abuse and protecting customers.

Effective Enforcement Key Factor

In a year marked by numerous international challenges, the FMA demonstrated its commitment to ensuring compliance with financial regulations. The authority launched an impressive 88 administrative proceedings or criminal investigations, resulting in the conclusion of 192 ongoing cases or preliminary inquiries. A total of CHF 1,489,500 in fines was imposed for violations related to:

  • Banking law
  • Market manipulation
  • Insider trading
  • Clone company transactions

Notable Instances

In one notable instance, a legal entity was slapped with a hefty fine of CHF 500,000 for regulatory breaches. The FMA also referred nine criminal complaints to the public prosecutor’s office, citing suspicion of:

  • Market abuse
  • Unauthorised deposit acceptance
  • Insider trading
  • Other financial malfeasance

Regulatory Development and Refining

Moreover, the authority has been tasked by the government to further develop and refine financial market regulations. To this end, new guidelines have been drafted for:

  • Securities trading
  • Digitalization
  • Cryptocurrency transactions

The revised Financial Market Act is expected to be finalized by January 1, 2025.

Conclusion

The FMA’s efforts have undoubtedly contributed to Liechtenstein’s financial sector remaining stable despite the challenges faced globally. As the country continues to evolve and adapt to changing market conditions, it is reassuring to know that its regulatory authority remains vigilant and proactive in protecting customers and preventing financial crime.