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Money Laundering in Liechtenstein: A Zero-Tolerance Policy
Liechtenstein has taken a firm stance against money laundering and combating the financing of terrorism (AML/CFT), with a zero-tolerance policy in place.
Implementation Provisions
As an EEA member, the country has implemented the 4th and 5th EU Anti-Money Laundering Directives as well as Regulation (EU) 2015/847 on information accompanying transfers of funds. The relevant implementation provisions are found in:
- Law on Professional Due Diligence for the Prevention of Money Laundering, Organised Crime and Financing of Terrorism (Due Diligence Act; SPG)
- Ordinance on Professional Due Diligence for the Prevention of Money Laundering, Organised Crime and Financing of Terrorism (Due Diligence Ordinance; SPV)
- Act on the Register of the Beneficial Owners of Legal Entities (VwbPG), maintained by the Office of Justice
Compliance Monitoring
The Financial Market Authority (FMA) Liechtenstein is responsible for monitoring compliance with anti-money laundering rules and imposing measures and sanctions where violations occur. The FMA evaluates information from the SPG reporting system, conducts on-site inspections, and follows up on information about any abusive conduct on the financial market.
Due Diligence Obligations
Financial institutions, trust service providers, and designated non-financial businesses and professions (DNFBPs) must comply with anti-money laundering rules when dealing with their clients. The key due diligence obligations include:
- Identification and verification of clients, beneficial owners, and source of funds and wealth
- Ongoing transaction monitoring
- Filing of reports of suspicion of money laundering or financing of terrorism
Financial Intelligence Unit (FIU)
Liechtenstein’s FIU is responsible for receiving and analysing reports of suspicion from persons subject to due diligence and public authorities. If it suspects a criminal offence has been committed, the FIU reports to the Office of the Public Prosecutor.
International Cooperation
Liechtenstein has been actively participating in AML/CFT efforts for decades, guided by the international standards of the Financial Action Task Force (FATF). The country is a member of MONEYVAL, an FATF-style regional body, and has implemented the 40 FATF Recommendations. Liechtenstein’s commitment to preventing money laundering and combating the financing of terrorism was acknowledged in its fifth report on Liechtenstein by MONEYVAL.
EU/EEA Level
At the EU/EEA level, AML/CFT responsibilities relating to the financial market have been centralised at the European Banking Authority (EBA). The AML CFT Standing Committee (AMLSC) develops regulatory technical standards and guidelines in accordance with the requirements of the 4th and 5th EU Anti-Money Laundering Directives. The FMA represents Liechtenstein in the AMLSC as a non-voting member.
Conclusion
With its strong anti-money laundering framework and international cooperation, Liechtenstein is committed to preventing money laundering and combating the financing of terrorism.