Vaduz, 10 March (pafl) - Today, Wednesday, the Financial Intelligence Unit (FIU) - the Liechtenstein reporting office for money laundering - presented its Annual Report 2009 and gave a positive assessment of the year.
* 24% increase of suspicious activity reports compared with previous year
* Strengthening of preventive defense system
* Expansion of international cooperation
In the reporting year, financial intermediaries submitted a total of 235 suspicious activity reports under the Due Diligence Act and 21 reports under the Market Abuse Act as well as one report under the International Sanctions Act. Compared with 189 suspicious activityreports in the previous year, this means an increase of more than 24% in the due diligence field.
"The very striking increase of suspicious activity reports over the past year is due to consistent legislation, sensitization of the financial center through a ’zero tolerance’ policy, and not least of all a very efficient reporting system," said Prime Minister Klaus Tschütscher.
Nearly 63% of all suspicious activity reports (148) were submitted pursuant to internal compliance of the financial intermediaries. The other reporting grounds were in 46 cases pursuant to requests for mutual legal assistance and in 41 cases pursuant to independent domestic proceedings. In 2009, 12 of 15 of the banks operating in Liechtenstein submittedone or more suspicious activity reports. Of 395 professional trustees licensed in Liechtenstein, 44 submitted one or more reports. This number is roughly the average of the past few years.
Implementation of the 3rd EU Money Laundering Directive in March 2009 through entry into force of the revised Due Diligence Act resulted in an expansion of the reporting system. The catalogue of predicate offenses of money laundering and terrorist financing was also expanded. "In principle, combating abuse is now very firmly enshrined in the financial center. It will be absolutely necessary to continue ongoing adjustment to international standards in this area, however, in order to rule out any potential exposure in this area from the outset," said René Brülhart, Director of the FIU.
As part of Liechtenstein’s active contribution to the worldwide efforts against money laundering and terrorist financing, the FIU last year engaged in various expert activities on behalf of international organizations such as the International Monetary Fund (IMF) and as a member of the Egmont Group. International cooperation was expanded in a targeted manner both on the operational and on the strategic level. The implementation of anti-abuse measures in Liechtenstein has continuously developed into a sustainably functioning system. Building on this system, the Liechtenstein Government has appointed the FIU as the central enforcement authority for international sanctions. The clear focus is on preserving and guaranteeing the reputation of the Liechtenstein financial center.
Inquiries:
Government Spokesperson’s Office
Tel: +423 236 7461
press@liechtenstein.li
Quelle: Portal of the Principality of Liechtenstein, Press Releases
Link: www.liechtenstein.li |
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