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Liechtenstein Highlights Role Of FIU

by Ulrika Lomas, Tax-News.com, Brussels

15 November 2011


On the occasion of its tenth anniversary, Liechtenstein’s Financial Intelligence Unit (FIU) held a symposium on financial intelligence, during which the key role and responsibilities of the unit were highlighted as well as its significant contribution to the reputation of the principality’s financial centre.

During his keynote speech, head of the FIU René Brülhart underscored that, especially in times of radical change and crisis, financial intermediaries must be able to submit their suspicious activity reports to a neutral entity, independent of both the supervisory and law enforcement authorities, with the focus on early detection.

Brülhart explained that the Liechtenstein Financial Intelligence Unit serves as a good defence system for the principality, to detect money laundering, predicates to money laundering, organized crime and the financing of terrorism.

In his closing address, Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher underlined the importance of the unit for the Liechtenstein economic and financial centre, noting that by clearly and consistently implementing the new international standards it has served to greatly strengthen the principality’s reputation.

Tschütscher ended by alluding to the key competencies of the unit, notably its ability to work alongside other state institutions and agencies.

Designed to contribute to protecting the Liechtenstein financial centre from abuse by criminal activities, the FIU is not a supervisory authority, nor is it part of the criminal prosecution authorities.

TAGS: money-laundering | law | banking | international financial centres (IFC) | Liechtenstein | enforcement | offshore | offshore banking | standards

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