Bank of Lithuania
2020-08-06
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The project, initiated by the Bank of Lithuania to strengthen the fight against money laundering and terrorist financing, is progressing successfully – the Government’s draft resolution on the establishment of the Centre of Excellence in Anti-Money Laundering has already been prepared. 

“We are pleased with the progress this project has made. The establishment of the Centre is a modern form of fighting against money laundering and terrorist financing, bringing together the efforts of both state institutions and market participants. This will allow more effective risk management and sends out the message that money laundering was not, is not, and will not be tolerated in Lithuania,” said Jekaterina Govina, Director of the Supervision Service of the Bank of Lithuania. 

The founders of the Centre of Excellence in Anti-Money Laundering will be the Bank of Lithuania, the Ministry of Finance, and certain commercial banks operating in Lithuania. The Financial Crime Investigation Service, the Police Department of the Republic of Lithuania, the State Tax Inspectorate and the Prosecutor General’s Office are also expected to take part in the activities of the Centre.

The Centre is being set up to mobilise public and private efforts to combat money laundering and terrorist financing and to strengthen the prevention framework. The establishment was encouraged by modern technologies that are changing the financial sector, recommendations of international organisations (International Monetary Fund, European Commission, MONEYVAL) as well as the aim to implement the best and most effective AML/CTF practices in Lithuania. 

Such forms of cooperation between the public and private sectors can also be found in the UK, Singapore, Australia, Latvia, and global trends show that the number of such centres is increasing.

The Centre of Excellence in Anti-Money Laundering aims to:

  • share information on the ML/TF typologies and set up a dedicated information exchange platform; 
  • carry out studies, assessments and analyses, prepare summaries, guidelines, recommendations, methodologies and legislative initiatives to improve the AML/CTF framework in Lithuania; 
  • assist private sector entities in conducting internal risk assessments; strengthen competencies of public and private sector staff in the AML/CTF field, organise trainings, seminars, conferences and other events; 
  • publish information on cooperation and implementation of AML/CTF measures in the country.

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The Government’s draft resolution can be found here