BEFORE YOU GO...
Check how Shufti Pro can verify your customers within secondsRequest Demo
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.
Suggested Read: FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK