FATF Delegation Checks Up On Liechtenstein's Anti-Money Laundering Controls

by Ulrika Lomas, Tax-news.com, Brussels

17 May 2001

According to the Liechtenstein press, a delegation from the Financial Action Task Force (FATF) held "intensive, open and constructive" discussions with the Liechtenstein government on a recent visit to the principality. The country was amongst a number of offshore jurisdictions included on the FATF's blacklist of money laundering hotspots, all of which are aspiring to be removed from the list when the FATF reassesses it at the end of June.

The delegation was headed by Joseph Halligan and included Theodor Greenberg, Francesco Lo Voi, Jean Pesme and Ricardo Sansonetti. They were in Liechtenstein to try to gain a comprehensive picture of the measures introduced by the authorities in order to fight money laundering and organised crime.

Liechtenstein has already indicated that it is optimistic of being removed from the FATF list at the end of June. The last official progress report was in February 2001, in which Liechtenstein, along with the Bahamas, the Cayman Islands, The Cook Islands, Israel, the Marshall Islands and Panama, were deemed to have made "significant progress" in the fight against money laundering, and were requested by the FATF to submit their implementation plans since all necessary legislation has been enacted.

Essentially, the FATF wishes to verify whether the implementation of the new laws and further measures is actually effective. Its long-awaited conclusion on Liechtenstein, and indeed other offshore financial centres, will soon be known.

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