While the rest of the European Union furiously debates whether certain designated professions such as trustees, lawyers, casino owners and jewellers, should be included in new anti-money laundering regulation, Liechtenstein is sitting back, not quite sure what all the fuss is about.
Under Liechtenstein legislation, the majority of financial services and other related providers are already covered by money laundering regulations, so not a lot will change if and when the EU reaches an agreement. Speaking earlier this week, Ambassador Prince Nikolaus explained: 'In the past years we have already implemented, with very few exceptions, virtually all demands included in today's regulation on money laundering.'
The Ambassador added that the only real changes would be for lawyers, whose client-attorney confidentiality protection might be affected.
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