Reporting following the release of the Financial Action Task Force's Annual Report late last month, the Liechtensteiner Vaterland revealed that the principality is no longer being monitored by the multilateral anti-money laundering organisation.
The newspaper this week quoted that FATF as announcing that: 'Liechtenstein (has) removed all shortcomings in the fight against money laundering which had been found earlier; therefore no further monitoring is necessary.'
The jurisdiction secured removal from the FATF's blacklist of countries and territories considered uncooperative in the fight against money laundering earlier this year, having created a financial intelligence unit, increased personnel and resources devote to anti-money laundering practices, and agreed to greater international cooperation with regard to administrative and legal matters.
However, until recently, the jurisdiction was still being monitored by the task force in order to ensure that the planned measures were implemented efficiently.
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