According to a report in this week's Liechtensteiner Vaterland, the principality's Parliament has unanimously approved a new law specifying the competencies and duties of the Financial Intelligence Unit, which had previously operated on the basis of a statutory instrument.
According to the newspaper, the law clarifies the procedures which the body is to use in order to procure and analyse information on potential and actual money laundering activity, and confirms its position as an essential element of the amended regulatory system put in place in Liechtenstein's financial sector in the wake of OECD demands and the September 11 attacks.
The recently approved law allows the FIU to cooperate and exchange information with authorities in Liechtenstein and abroad, and provides for it to solicit assistance from foreign FIUs and other regulatory bodies.
Meanwhile, it has been revealed that Government Councillor Ernst Walch paid a visit to Washington on March 12 and 13 to discuss the OECD 'harmful tax practices' initiative. EU withholding tax proposals on non-resident savings accounts were also discussed, according to reports.
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