Combating and preventing money laundering, terrorist financing,
corruption, and organized crime is the focus of Liechtenstein financial center policy. Liechtenstein
banking secrecy offers no protection to criminals and is lifted in criminal cases. The Liechtenstein
financial center has exemplary and smoothly functioning prevention and punishment systems to combat
money laundering and terrorist financing. In addition to the use of the highest international standards
without exception in the fight against money laundering and terrorist financing, Liechtenstein authorities
also actively take part in the international dialogue on the further development of common standards.
Milestones in the fight against money laundering and terrorist financing include: - Ratification
of the Strasbourg Convention on Laundering, Search, Seizure, and Confiscation of the Proceeds from Crime
(1990)
- Implementation of the 1st EU Money Laundering Directive
(1995)
- Total revision of the Liechtenstein Mutual Legal Assistance
Act (2000)
- Establishment of the Liechtenstein Financial Intelligence
Unit (2002)
- Mutual Legal Assistance Treaty with the United
States and adoption of the "Counterterrorism Package" (2002)
- Tightening
of the Law on Professional Due Diligence in Financial Transactions (Due Diligence Act) (2004)
- Establishment
of the Liechtenstein Financial Market Authority through enactment of the Financial Market Authority
Act (2004)
- Implementation of the 2nd EU Money Laundering Directive
(2005)
- Partial revision of the Mutual Legal Assistance Act
(2008)
- Implementation of the 3rd EU Money Laundering Directive
(2008)
Liechtenstein also provides comprehensive
and reliable mutual legal assistance in criminal matters. In 2007, the Principality of Liechtenstein
transmitted 407 requests for mutual legal assistance abroad. These included requests on the basis of
suspicions of fraud (77), money laundering (62), embezzlement (36), etc. Conversely, 252 foreign requests
for legal assistance were transmitted to Liechtenstein justice authorities in 2007. Approximately 90%
of the proceedings could be concluded in a period of less than 6 months. |
