Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

Richard Marley
June 30, 2022
2 minutes read
869

Moneyval has published a report backing Liechtenstein’s authorities on the measures it took against prevailing crimes like money laundering and terrorist financing

The report was published on the 29th of June which clearly backed the measures of took by Liechtenstein’s authorities in strengthening the measures against the money laundering and terrorist financing activities. The European Council has drawn a comprehensive assessment of the country’s level of compliance with the international rules proposed by the global anti-money laundering and terrorist financing watchdog, FATF.

Moneyval stated in the report that Liechtenstein has defined the effectiveness of assessing the possible risks of money laundering and terrorist financing at a strict and official level. This has set the complete guidelines following the AML/CFT policies and its coordination by the effective use of financial intelligence, seizures of criminal proceedings, investigations on the risks of terrorist financing and its prosecution, and cooperation with the international standards.

The report further evaluated the improvements that are required for the enhancements in supervision and the applications of AML/CFT measures, especially in the private sector. The transparency of beneficial ownership and legal arrangements, including the money laundering investigations and prosecutions with the implementation of the specified financial sanctions.

The report found the legal authorities produced well-equipped financial intelligence evaluations and successfully confiscated the proceedings of ill-acts. More efforts are needed to be performed in complete investigations of the foreign predicates that target sophisticated ML schemes.

Liechtenstein is geographically surrounded by the borders of Switzerland and Austria, because of which it cooperates with both countries in countering the illicit activities of terrorist financing and money laundering. The report which mentioned the measures taken by the authorities concluded that these bodies have utilized the required knowledge and skills to collect data which defines the movement of the funds used for illegal purposes.

In the concluding remarks of the report, the Committee of Experts defined some procedural constraints. Liechtenstein authorities will be subject to Moneyval to regularly follow up reports. In case of the positive outcome of the reports, Liechtenstein will to the list of one of those 5 member jurisdictions which have achieved this result so far.

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Along with the rise in virtual and remote work, the number of cases of recruitment fraud is increasing at an unprecedented pace, urging authorities to take decisive action against criminals. Especially the pandemic resulted in huge mass layoffs giving setbacks to many sectors, ultimately creating massive inflation across the globe.

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Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

Here are a few signs that can help job seekers spot fraudulent elements during the recruitment process:

Legitimate hiring managers and employers never ask applicants to make any financial transaction in their personal or company account. Always say No to any person who is asking you to send money for any recruitment purpose.

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With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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