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Positive assessment for Liechtenstein in the fight against money laundering
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) at the Council of Europe has positively appraised the performance of Liechtenstein as part of its fifth report. Both the authorities and the financial sector in Liechtenstein have demonstrated competence in responding to the risks of money laundering.
Liechtenstein retains top rating
The rating agency Standard & Poor’s has again confirmed its top rating of AAA with a stable outlook for the Principality of Liechtenstein. In the evaluation, the rating agency highlighted in particular the strong economy and solid financial position with regard to public budgets.
Liechtenstein financial sector becoming more transparent
Liechtenstein has made up ground in the Financial Secrecy Index. The Principality’s financial sector ranks in 54th place, well behind those countries that the UK-based Tax Justice Network classifies as the world’s worst tax havens. The USA and Switzerland lead the way in the index. Luxembourg is ranked in 5th place.
Trust sector generates third-highest level of value added
The Liechtenstein trust sector generated gross value added of just under 1 billion Swiss francs in 2018. Its direct share of gross value added of slightly over 11 percent was the third-highest by sector. This is a finding from a study published on behalf of the Liechtenstein Institute of Professional Trustees and Fiduciaries.
Tribelhorn calls for sustainability strategy
Liechtenstein could help shape a sustainable economy, Simon Tribelhorn asserts. The Managing Director of the Liechtenstein Bankers Association thinks the finance sector is in need of a sustainability strategy. Otherwise, the country might lose touch.
Liechtenstein financial center operates sustainably
According to Prince Michael, the financial center of Liechtenstein is in a good position when it comes to sustainability. In general, he advocates for personal responsibility and autonomy in the implementation of the Sustainable Development Goals set by the United Nations.
LGT enters into UN banking alliance for the climate
LGT Private Banking is one of the 43 founding members of the Net-Zero Banking Alliance of the United Nations. By signing the accession agreement, members commit to becoming carbon neutral by 2050. Investments that are harmful to the environment must be removed from the portfolios.
Financial center remains on growth course
The Liechtenstein financial center has proven to be crisis-resistant during the coronavirus pandemic. Assets under management at Liechtenstein banks increased to 365.4 billion Swiss francs in 2020. Only a small increase in non-performing loans was observed.
Liechtenstein remains on recovery course
Liechtenstein’s economic prospects remain positive on an international comparison. Goods exports have been increasing again since mid-2020. The inflation trend will determine the development of the financial market. These are the findings of the Financial Market Authority in its most recent Economics Monitor.
Realschule Balzers heading to the European Money Quiz
Class 4b at the Realschule Balzers has emerged victorious in the Liechtenstein finals of this year’s European Money Quiz. Two students will now represent the class in the final during European Money Week. The initiative organized by the European Banking Federation aims to improve financial literacy.
VP Bank commits to responsible banking
VP Bank has signed the United Nations’ Principles for Responsible Banking. This aims to strengthen banking groups’ commitment to sustainability. The banking group had already created a sustainability plan back in 2016.
Banking sector remains well placed
Liechtenstein banks recorded impressive results alongside high Tier 1 capital ratios and net new money inflows in 2020. In so doing, the banks successfully ended a year dominated by the coronavirus pandemic and low interest rate environment. The banking sector is also well positioned for the future.
