CTF in Financial Centres: Liechtenstein

On 22-23 April 2021, Project CRAAFT hosted an online workshop for members of the public and private sectors in Liechtenstein on the role and application of countering terrorist finance (CTF) in financial centres and the subsequent challenges faced. Financial crime experts from the research world, FinTech industry, and law enforcement delivered presentations which focused on helping participants anticipate and understand the type of terrorist financing threat to which they could be most at risk. Emphasis was placed on the importance of setting up established lines of communication through public-private partnerships, despite the relative size of the region as well as the perceived low TF threat. In addition to delivering presentations which worked to raise awareness on terrorist financing, the role of financial centres in CTF and the importance of implementing targeted financial sanctions, the workshop also provided the opportunity for participants from the public sector and those from the private sector to work through various “war-game” scenarios.  Through a series of ‘what if?’ and scenario analyses, participants were able to see the direct advantages of forming public-private partnerships to better understand and anticipate the risks they face and to recognise the information they have which could prove useful in addressing terrorist financing. The scenarios present useful opportunities to assess both individuals and organisations abilities to adapt to the changing circumstances in different areas of financial crime and TF as it exists today and to look at the ways that TF can impinge on financial centres.