FATF Continues To Scrutinise Liechtenstein, Says Hasler

by Ulrika Lomas, Tax-News.com, Brussels

12 September 2001

Despite the fact that the Principality of Liechtenstein was removed from the Financial Action Task Force blacklist of uncooperative countries in June of this year, according to the Head of Government, Otmar Hasler: 'the pressure which the FATF exerts on Liechtenstein remains unabated'.

His remark follows the announcement that the report on the written comments concerning the law on the newly created Financial Intelligence Unit (FIU) was passed in a government meeting last week. The jurisdiction undertook several measures in addition to the creation of the FIU in order to secure removal from the blacklist.

Earlier this year the financial sector in Liechtenstein was in something of a panic, as it was feared that the deadline for the disclosure of 50% of client data would not be met.But it was. Which has left officials slightly mystified as to why the multilateral organisation continues to scrutinise Liechtenstein (albeit not with the same intensity as it has reserved for jurisdictions such as Nauru, and new additions Grenada and Ukraine). 'We want to know exactly in what respect Liechtenstein is still being criticised by the FATF,' said Mr Hasler. However, he added that it was important that the jurisdiction did not rest on its laurels regarding progress already made in the fight against money laundering, and urged banks and financial institutions to cooperate fully in the push to provide the remaining 50% of client data by 31st December.

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