In its session on 8th August, the Liechtenstein government commented to parliament in answer to the questions raised during the first reading on 26th June 2000 of the government's draft for the revision of the law on the duty of care, the penal code, the code of criminal procedure and other related laws as well as a draft for creating a new law on international legal assistance in connection to criminal offences.
At a press conference on 8th August, First Minister Mario Frick of Liechtenstein announced a range of related measures designed to bring the country's supervisory regime into line with international standards, hoping to be removed from the FATF's black-list of countries that are unwilling to co-operate in the international fight against money laundering and organised crime. In addition, Liechtenstein has an eye to the forthcoming US legislation which will create 'qualified intermediary' status for any financial institution wanting to hold investments on behalf of US citizens.
The Government proposes to take over supervision of financial institutions from the Banking Association, and will abolish the existing privilege of trustees and lawyers by which they do not have to disclose the identity of their clients to banks where funds are invested.
Provisions to achieve this end will be proposed to Parliament in September when it returns to consideration of the new duty of care law, and will impose stricter guidelines on all professionals and financial institutions, including 'know your customer' rules.
With the speedy revision of the law on the duty of care, the penal code and the code of criminal procedure, the government intends to send a clear signal to other countries that Liechtenstein has a vital interest that no illegally earned monies should remain on deposit in Liechtenstein.
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