LITHUANIA: MONEYVAL FINDS SOME IMPROVEMENT IN FIGHTING MONEY LAUNDERING AND TERRORIST FINANCING

On 30 November, the Council of Europe reported a follow-up report, saying that Lithuania has improved measures to combat money laundering and terrorist financing, demonstrating significant progress in the level of compliance with the FATF standards.  This follows the original mutual evaluation review of 2018.  MONEYVAL has 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 considering the country´s progress, namely the adoption of a new AML/CFT supervision policy for financial institutions and related risk assessment methodology.  Nevertheless, it says that more efforts remain necessary for the country.  Lithuania has achieved full compliance with 8 of the 40 FATF Recommendations, but will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures.  It is expected to report back within 1 year’s time.

https://www.coe.int/en/web/moneyval/-/lithuania-some-improvement-in-fighting-money-laundering-and-terrorist-financing

https://rm.coe.int/moneyval-2021-30-fur-lithuania/1680a4b585

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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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