A Memorandum of Understanding (MoU) governs the standardized electronic transmission of bank records and transaction data in Liechtenstein. The district court, the national police and the Liechtenstein Bankers Association have agreed on this, according to a statement issued on Thursday.

The MoU creates uniform framework conditions for the practical implementation of the legal requirements for the release and seizure of electronic bank records, it added. Central to this are the secure electronic transmission of data as well as the provision of account and custody transaction data in a structured and electronically further processable form. The goal is to standardize procedures and make the analysis of transaction data more efficient.

Important step in crime fighting

The MoU is an important step in cooperation and joint efforts to combat crime, the Liechtenstein Bankers Association emphasized. "The banks are thereby making another concrete contribution to effective crime fighting," says its CEO Simon Tribelhorn. At the same time, it is an expression of the good and constructive cooperation among all parties involved.

"With the MoU, we are creating clear and practical standards for cooperation between law enforcement authorities and banks," says Andreas Schädler, deputy police chief and head of criminal police. "Structured data and clearly defined processes make it possible to evaluate extensive financial information more efficiently and support investigations in a targeted manner."