Government gives green light to the Centre of Excellence in Anti-Money Laundering
Today, a unique public-private cooperation project initiated by the Bank of Lithuania was given a green light, when the Lithuanian government approved the establishment of the Centre of Excellence in Anti-Money Laundering.
“This decision confirms that Lithuania takes a proactive high-level approach in the field of anti-money laundering (AML), by joining the efforts of both public sector institutions and financial market participants. It definitely sends a strong signal in the AML fight,” said Jekaterina Govina, Director of the Supervision Service of the Bank of Lithuania.
The Centre of Excellence in Anti-Money Laundering is set up to mobilise public and private efforts in combating money laundering and terrorist financing (AML/CTF) as well as to strengthen the prevention framework. The Centre was established by the Ministry of Finance of the Republic of Lithuania, the Bank of Lithuania and the country’s commercial banks, while other financial market participants will also be invited to join its activities in the future. The Financial Crime Investigation Service, the Police Department of the Republic of Lithuania, the State Tax Inspectorate and the Prosecutor General’s Office are expected to take joint action with the Centre of Excellence in Anti-Money Laundering as well.
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, thus helping the financial market ensure proper risk identification and management;
• carry out studies, assessments and analyses, prepare guidelines, recommendations, methodologies and legislative initiatives to improve the AML/CTF framework in Lithuania;
• assist private sector entities in conducting internal AML/CTF 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.