Liechtenstein

Liechtenstein is active in the prevention of corruption at both national and international levels and does support several international institutions in anti-corruption projects. Good governance including prevention of corruption is a main focus of the Liechtenstein development policy according to the new development assistance law.

The anti-money-laundering legislation of Liechtenstein is very strict. Comprehensive due diligence rules oblige banks and all other financial intermediaries to identify the party to the agreement and the beneficial owner of the funds ("Know Your Customer"). Banks have to identify their customers and there are specific provisions with regard to PEPs. Banks and other financial intermediaries are obliged to report any suspicious transaction to the Financial Intelligence Unit (FIU) and if substantiated to immediately block an account.

Liechtenstein currently implements the third EU Anti-Money Laundering Directive. Liechtenstein banking secrecy does not offer any protection against criminal prosecution including with respect of international legal assistance. There are effective measures in place to prevent assets from being withdrawn. Within the framework of legal assistance, Liechtenstein supplies the state that has submitted a request with details of suspicious accounts that can be used as evidence in criminal procedures or legal proceedings. Liechtenstein cooperates with the states concerned to find ways to return the assets to the rightful owners.