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2021.12.02 09:07

Lithuania ‘largely compliant’ in fighting money laundering, Europe’s watchdog says

BNS2021.12.02 09:07

Lithuania has made significant progress in the fight against money laundering and terrorist financing, according to the latest assessment by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

MONEYVAL said on Wednesday it had decided to re-rate from "partially compliant" to "largely compliant" Lithuania's level of compliance with the FATF recommendation on regulation and supervision of financial institutions.

It made the decision in view of Lithuania's "progress, namely the adoption of a new anti-money laundering and counter terrorist financing supervision policy for financial institutions and related risk assessment methodology".

Simonas Krėpšta, a Lithuanian central bank board member responsible for financial market supervision, says the MONEYVAL assessment is the result of long-term efforts.

"This is an important and positive message about our country's progress to the international community," he said in a press release on Wednesday. "It is particularly important for us that the Bank of Lithuania's efforts and work in strengthening risk assessment-based supervision of financial market participants have been recognised."

According to MONEYVAL, Lithuania fully complies with eight of the forty FATF recommendations.

"The jurisdiction retains minor deficiencies in the implementation of 25 recommendations where it has been found ‘largely compliant’," it said. "More significant deficiencies remain in seven recommendations, which are still rated as 'partially compliant'.”

Lithuania has no “non-compliant” ratings, it added.

"Although Lithuania is making commendable progress to address most of the technical compliance deficiencies after the adoption of the mutual evaluation report within two years, more efforts remain necessary for the country to meet this general expectation," according to the press release.

MONEYVAL regularly assesses countries' progress in the fight against money laundering and terrorist financing, and their compliance with international standards, and makes recommendations to the authorities on how to manage risks and combat money laundering and terrorist financing more effectively.

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