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Back from purgatory in 2001

In June 2000, depide an existing diligence legislation, Liechtenstein was branded by the FATF as a "non-cooperative" country in combatting money laundering. The decision was a shame for the state that realised that its legislation wanted brushing up to comply with international requirements.
On 1 January 2001, Liechtenstein put a new act on professional diligence obligations for financial transactions into force (Due Diligence Act). In parallel, specially trained staff has been made available to supervise compliance with due diligence legislation. These efforts have been officially acknowledged by the Financial Action Task Force (FATF) of the Organisation for Economic Cooperation and Development (OECD). It has assessed Liechtenstein as a state that supports international efforts to fight money laundering. For investors, this rating is another clear indication that the Liechtenstein legal framework for financial services meets the highest international quality and safety standards.
The FATF recognised Liechtenstein's measures to combat money laundering and in June 2001 struck Liechtenstein off the list of non-cooperative states in combatting money laundering.

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07:55 Posted in Liechtenstein | Permalink | Comments (0)