Promise of tighter bank rules – and they mean it this time

Liechtenstein, for so long the centre of attention in Europe over money laundering and its reputation as a haven for dirty money, will tighten regulations for granting banking licences in a crack down on laundering operations. As part of these moves, it will also lower the threshold for the mandatory disclosure of suspicious cash movements. The moves to start overhauling related laws and increase discussion over the need for stricter regulations have been prompted by continued criticism from EU members over money laundering activities taking place in the principality. Liechtenstein has taken the step of employing a special prosecutor from Austria, Karl Spitzer, to help probe allegations of money laundering. This new legislation still has to be cleared by parliament, but, according to the Head of Government Mario Finck, could take effect as soon as November.