LBA welcomes the Liechtenstein Government’s financial centre strategy
The Liechtenstein Government today published a new financial centre strategy aimed at strengthening the competitiveness of the financial centre. The Liechtenstein Bankers Association (LBA) welcomes this strategy paper of the Government and the associated objective of strengthening Liechtenstein’s attractiveness as an international and innovative financial centre and its perception as a stable and reliable financial centre. The LBA will thus continue to support the Government actively on this path and in the course of implementing the concrete measures.
The LBA welcomes the proposed measures:
- In particular, the LBA endorses the Liechtenstein Government’s decision to resolutely pursue the path of compliance with international and European rules and standards that it embarked on more than ten years ago. Only in this way can the good reputation and international recognition of the financial centre be maintained and further improved. In this connection, the strategy paper also responds to two long-term concerns of the banking sector with concrete measures. Firstly, the Government is again evaluating membership in international bodies such as the International Monetary Fund (IMF) in order to better represent the interests of the country. Secondly, the Government intends to further strengthen its dialogue with key partner countries and is also considering the possibility of permanent representation in Paris to take account of the economic and political importance of France and the international organisations based there, namely the OECD, the European Securities and Markets Authority (ESMA), and soon the European Banking Authority (EBA).
- In the field of digitalisation and blockchain technology, Liechtenstein has acquired a strong international position in recent years. It is therefore gratifying that the Government continues to attach a high priority to this development towards a digital financial centre. Key phrases here are the digital passport and framework conditions provided by the state for the token economy. In this way, opportunities can be seized and legal certainty created for enterprises and users.
- Positive external perception is an important location factor. Strategic communication is crucial in this regard. The LBA therefore welcomes the Government’s support for the initiative taken by the financial centre associations in recent months and its participation in that initiative as part of a public-private partnership. The LBA considers it especially positive that a long-standing concern is being taken up, in that data will be made available for the improved visibility of Liechtenstein in relevant indices and rankings.
- The further expansion of the financial centre towards greater sustainability is also mentioned in the new financial centre strategy. The Paris climate goals and the Sustainable Development Goals of the United Nations (SDGs) can be financed only through sustainable investments. The banking centre has accomplished a great deal early on in this area, as is also recognised internationally. It is therefore important for the LBA that the Government sees sustainability as an important competitive factor for the future – similarly to digitalisation – and that it will also work to achieve optimal framework conditions in this area.