Leichteinsten To Get Special Money Laundering Police Force

Andrew Mair, Tax-news.com

04 April 2000

In response to a torrent of recent negative reports portraying Leitchenstein as a money laundering centre, the Principality has announced that it is forming a special police force specifically to fight against money laundering and organised crime.

The announcement was made by Liechtenstein's Minister of Justice Heinz Frommelt in a recent interview with a German radio station. Mr Frommelt said the new force, which will include specialists from the neighbouring countries, will be in place by the end of this year and will be supplemented by moves "to simplify and tighten" mutual judicial assistance laws, including the lifting of banking secrecy in criminal proceedings.

Despite the negative headlines, Liechtenstein continues to prosper as a financial services centre.
13 banks are already operating in Liechtenstein and more licenses are expected to be issued soon.

Speaking at a recent press conference, the President of the Liechtenstein Banking Commission, Alfons Thöny said that the Banking Commission intends to make banking licences more difficult to obtain in order to preserve the quality of Leichtenstein's banking services.

"The influx of new banks to Liechtenstein continues to be very very high. On the one hand he judged this as a good sign for Liechtenstein as a location for financial services, on the other hand this also held the danger that quality might suffer. Therefore, the aim of the Banking Commission must be to keep up the quality of Liechtenstein as a location for financial services", Mr Thöny said.

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