The Fight Against Money Laundering: Principality of Liechtenstein to move off the black list
In June 2000, the Principality of Liechtenstein was included in a black list of states which do not co-operate in the fight against money laundering. The recent situation in Liechtenstein, however, seems to indicate that the worst is over. Since being black listed, the Liechtenstein Government as well as the Liechtenstein Bankers Association have taken action to solve the problem. Their attention has focussed on the due diligence law. The law is to be changed to give it a more precise, stricter reading, also follow up on proving client identities will become significantly more stringent.
The FATF (Financial Action Task Force on Money Laundering) confirms the Principality's increased efforts.
According to reactions from several European Governments and the FATF the environment for its financial market is looking brighter. FATF Executive Secretary Patrick Moulette confirmed in a conversation with the Swiss news agency SDA that the FATF was prepared to cancel the Principality of Liechtenstein from this list, provided that appropriate actions were taken and legal shortcomings amended. Moulette added that the FATF would only act after the new laws had been approved by parliament and population and were actually enforced.
Additionally, the Liechtenstein investment fund companies have, similar to the local banks, founded the Liechtenstein Investment Fund Association (LAFV). The board members are Matthias Voigt, President (ProfitFundCom AG), Roland Bargetze (LLB Fondsleitung AG), Rolf Pfund (Fortuna Investment AG) and Wolfgang Mayer (VP-Bank Fondsleitungs AG). The Association will support the further development of the national investment fund market. Their second clear objective is the presentation of a clean and transparent market environment for the fund center of the Principality of Liechtenstein, both nationally and internationally, in order to provide a proper and respected platform for the investment fund business.