As anxiety and anticipation begins to mount over exactly which jurisdictions are set to be removed from the OECD list of so-called "harmful" tax havens or the FATF blacklist of money laundering hotspots (or even both, for some of the unluckier offshore financial centres), the tiny principality of Liechtenstein has indicated that it is optimistic of being removed from the FATF list at the end of June.
Earlier this month the FATF issued a second progress report on the jurisdictions it cited last year as having inadequate anti-money laundering armour. Liechtenstein, along wiith the Bahamas, the Cayman Islands, The Cook Islands, Israel, the Marshall Islands and Panama, was deemed to have made "significant progress" in the fight against money laundering and has been requested by the FATF to submit its implementation plans now that all necessary legislation has been enacted. Essentially, the FATF wishes to verify whether the implementation of the new laws and further measures actually work.
At a recent meeting with local media, Mario Frick said that there was ample reason to believe that Liechtenstein can guarantee the implementation. The Head of Government stated: 'We have four new judges working at the National Court, the Prosecution was restructured, the Department for Financial Services was strengthened, a Financial Intelligence Unit (FIU) was founded and the EWOK Department was set up within the police force.' Mr Frick added that the FATF had acknowledged these measures and now expected proof of their strict application.
So Liechtenstein, in confident mood, now awaits the decision of the FATF, which has said it will definitely reveal what it intends to do about those jurisdictions which have not made sufficient progress when it meets on 20-22 June 2001.
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