Positive assessment for Liechtenstein in the fight against money laundering

Positive assessment for Liechtenstein in the fight against money laundering

1 July 2022

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe has positively appraised the performance of Liechtenstein as part of its fifth report. Both the authorities and the financial sector in Liechtenstein have demonstrated competence in responding to the risks of money laundering.

Moneyval presented its fifth report on the measures implemented by Liechtenstein to combat money laundering and the financing of terrorism. According to a press release, the committee of experts from the Council of Europe concludes in the report that Liechtenstein is among the top five best-performing European countries in this area.

The authorities in Liechtenstein have a good understanding of the risks associated with money laundering and terrorism financing, the report states. The legal and institutional framework facilitated effective investigation and prosecution of all types of money laundering. In this context, the Principality of Liechtenstein has been efficiently cooperating with neighboring countries including Switzerland and Austria, and in particular with the Swiss Border Guard Corps.

Financial sector stakeholders now also effectively grasp the risks associated with money laundering and the financing of terrorism, according to the experts at the Council of Europe, with banks and major asset management firms having now implemented sophisticated measures to counteract these risks. The Financial Market Authority (FMA) of Liechtenstein has strengthened its controls, although it is still being hampered by staff shortages. Liechtenstein also provides effective international legal assistance.

The Prime Minister of Liechtenstein, Daniel Risch, was delighted about the positive assessment from Moneyval: "The report confirms that Liechtenstein has put in place a robust and comprehensive system to combat money laundering and terrorism financing", he comments in a press release issued by the Liechtenstein government. Risch additionally thanked all participants from the private and public sector for having "taken part in this demanding, time-consuming assessment".

From the perspective of Simon Tribelhorn, CEO of the Liechtenstein Bankers Association (LBA), the conclusions reached by Moneyval prove that Liechtenstein has implemented stringent compliance standards. "This shows that the banks' consistent efforts over many years in the area of combating money laundering and terrorist financing are having an effect and are also being noticed", Tribelhorn explains in a press release issued by the LBA.