On 24 August, MONEYVAL published the 1st AML/CFT Enhanced Follow-up report and Technical Compliance Re-rating, dated June 2020.  It concludes that the Lithuanian authorities have improved their understanding of national money laundering and terrorism financing risks and have taken appropriate countermeasures. As a result, MONEYVAL has assigned Lithuania a higher international compliance rating in this area. The report is part of the follow-up to the 2018 mutual evaluation review of the country. However, while Lithuania has registered certain progress in the implementation of the old and new requirements for virtual assets, deficiencies remained, and Lithuania’s rating in this area has been downgraded from “largely compliant” to “partially compliant”.   Lithuania has reached a level of full compliance with eight of the 40 FATF Recommendations, which constitute the international AML/CFT standard. It retains minor deficiencies in the implementation of another 24 Recommendations, and larger-scale deficiencies for the remaining 8.  Lithuania will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Lithuania is expected to report back to the Plenary within 1 year.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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