Herausgeber:
Sonstige universitäre Einrichtungen
Erscheinungsjahr:
2008
PURL:
https://www.eliechtensteinensia.li/viewer/object/000347300/33/
Further development of the financial center beyond the EEA 
In 2003, a Mutual Legal Assistance Treaty (MLAT) with the United States and a 
Counterterrorism Package were adopted. 
On 1 January 2005, the independent and integrated Financial Market Authority (FMA) took 
up its work. This countered the accusation that Liechtenstein lacked sufficient independent 
supervision of its financial center. 
Since July 2007, value added tax fraud (and thus missing trader fraud) as well as serious 
customs offenses and smuggling have been subject to mutual legal assistance. 
On 21 March 2008, the Palermo Convention (UN Convention against Transnational 
Organized Crime) entered into force for Liechtenstein. This is a further important step by 
Liechtenstein to strengthen international cooperation in fighting crime. 
Liechtenstein, along with Andorra and Monaco, is still included on the OECD list of 
uncooperative tax havens. Since the beginning of the process during which the OECD called 
upon non-member States of the OECD to meet the OECD standards, Liechtenstein took the 
position that it is willing to cooperate under the condition that all other States do the same 
("level playing field"). The large majority of States that likewise used to be on the list and 
were removed by signing "commitment letters" are not implementing their obligations, 
however. 
5.1.2 Overview of the developments in the Liechtenstein financial center from 1999 — 
2008 
The following overview summarizes the developments in the Liechtenstein financial center — 
with respect to legal framework, structural changes, process adjustments, and communication 
— from 2001 to mid-2008. 
  
Year | Month | Development 
  
  
1999 Autumn Batliner / CDU donations scandal 
Nov SPIEGEL article on BND report, which is in part inaccurate 
Liechtenstein is severely criticized in the media 
Extensive reforms in the financial center (since the mid-1990s) are implemented with vigor and great speed 
  
  
  
2000 Sep Total revision of the Mutual Legal Assistance Act 
Initiated reforms are rapidly implemented 
  
  
  
2001 Mar Establishment of the Financial Intelligence Unit (FIU) 
Jun Liechtenstein is removed from the OECD list of non-cooperative countries in the fight against money 
laundering and organized crime, subject to the condition that the "know your customer" (KYC) rule is 
introduced by all financial service providers by the end of 2001. 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
Sep Establishment of the Government Spokesperson's Office (SKOE) 
11.9. Terrorist attacks in New York and Washington 
A new era begins 
Dec "Know your customer rule" report: KYC introduced 100% 
Jan Due Diligence Act and Ordinance 
2002 Mar Law of 12 March 2003 on the Activities of E-Money Institutions (E-Money Act) 
May Establishment of the Image Liechtenstein Foundation (SIL), a public-private partnership to promote 
Liechtenstein's image abroad; affiliated with SKOE 
Dec Signature of the UN Convention against Corruption (ratification in preparation as of July 2008) 
2003 May Presentation of the SIL Communication Concept for the State of Liechtenstein 
Jul Signature of Mutual Legal Assistance Treaty with the United States and adoption of the Counterterrorism 
  
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