Liechtenstein's Bank Supervisory Authority Slammed

by Ulrika Lomas, Tax-News.com, Brussels

07 March 2002

According to a report in the Liechtensteiner Vaterland, the head of the Financial Service Department, Ronald Myller, has slammed the country's Bank Supervisory Authority, dubbing it 'an advising committee without any competence'.

Plans to strengthen the supervision of banks and financial service providers have already been put in place, and over the next three years, an integrated, independent financial surveillance authority will be created to form an umbrella for all supervisory bodies and provide support to regulators.

However, the Bank Supervisory Authority has hit back at claims of incompetence, criticising the Government for failing to effectively disseminate information on new money laundering initiatives following the September 11 terrorist attacks.

The Authority revealed that although it had been permitted to participate in discussions on anti-money laundering programmes during the first six months of the year, following the events of last Autumn, it was obliged to glean what information it could on changes to money laundering laws from the media.

'The Bank Supervisory Authority was not included in the discussion in connection with the turmoil around the financial centre by the Government,' it complained in its annual report for 2001.

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