IMF warns of Liechtenstein threat to anti-money laundering efforts
Liechtenstein has a lot of ground to cover before its financial services sector can be closely aligned with international standards and regulations, the International Monetary Fund says
Liechtenstein, famous for its status as a global tax and investment haven, still poses a threat to international anti-money laundering efforts, a new study from the International Monetary Fund has revealed, according to various press reports.
"By its nature, Liechtenstein's financial sector business creates a particular money laundering risk in response to which the authorities and the financial sector firms have developed risk-based mitigating measures," noted the IMF report.
Despite progress by authorities to curb Liechtenstein's money laundering risk, the IMF warns that there is still much to be done before its financial services sector can be closely aligned with international financial services standards and regulations.
"Minimising the risk of abuse of corporate vehicles and related financial services products presents an ongoing challenge, as does the identification of the natural persons who are the beneficial owners of the underlying assets or legal person or arrangements," said the IMF.
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