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Financial market authority confirms stability of financial center

26 Apr 2023
Vaduz - The Financial Market Authority Liechtenstein (FMA) has released its annual report for 2022 and the latest edition of the «Liechtenstein Financial Centre» publication. In the FMA’s view, the Liechtenstein financial center has proven itself stable in a challenging environment.

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The Liechtenstein financial center faced challenges in 2022 from the war in Ukraine, geopolitical tensions and the rise in inflation. In its recently released annual report 2022 and Liechtenstein Financial Centre 2023 publication, the FMA describes how the financial sector has held up. A related press release from the FMA concludes that «the Liechtenstein financial center has once again proven itself to be highly stable and resilient.»

Last year, the assets under management of the Liechtenstein banks including foreign group companies fell by 3.1 per cent to 411.1 billion Swiss francs. However, this decline, which can be attributed to currency effects and negative market trends, was mitigated by «continued stable new net money», writes the FMA. The profitability of ordinary business activities grew by 12.2 per cent year on year.

The FMA states that enforcement is becoming an increasingly important part of its supervisory activities. The enforcement decision-making body was established in the year under review. It takes decisions in serious cases and is responsible for imposing fines and punitive measures. 

An audit report published by Moneyval in 2022 gives Liechtenstein a good report for anti-money laundering measures. More specifically, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism affirms that the country has a robust, comprehensive system for prevention of money laundering and terrorist financing, writes the FMA. ce/hs