Lithuania

New Documents

Chairman of the Board of the Bank of Lithuania, Vitas Vasiliauskas, delivered the opening remarks at the Anti-Money Laundering and Counter Terrorist Financing: from Challenges to Possibilities international conference, held on Oct. 1, 2020.

The Seimas, Lithuania’s parliament, adopted a resolution in response to Russian aggression, particularly human rights abuses such as the poisoning of Alexei Navalny.

Enforcement Actions

The Bank of Lithuania issued the €110,000 fine against the Vilnius, Lithuania-based electronic money company for breaches of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing.

The Bank of Lithuania issued a fine of €245,000 against MisterTango, UAB, the Vilnius, Lithuania company for its violations of anti-money laundering and counterterrorist financing obligations.


Important Facts

  • The U.S. State Department identifies Lithuania as a monitored jurisdiction. The jurisdiction is not a regional financial center and it has adequate legal safeguards against money laundering. However, its geographic location bordering Belarus and Russia makes it a target for smuggled goods and tax evasion. The sale of narcotics does not generate a significant portion of money laundering activity. The biggest source of illicit income is value added tax (VAT) fraud, which is typically conducted through the underreporting of goods' value. Most financial crimes, including VAT embezzlement, smuggling, illegal production and sale of alcohol, capital flight and profit concealment, are tied to tax evasion. Public corruption in Lithuania does not contribute to money laundering or terrorist financing.
  • KYC Covered Entities: Banks, credit unions, and financial leasing firms; insurance companies and brokers; lawyers, notaries, tax advisors, auditors, and accountants; investment and management companies; real estate brokers and agents; gaming enterprises; postal services; dealers in art, antiquities, precious metals and stones, and high-value goods
  • STR Covered Entities: Banks, credit unions, and financial leasing firms; insurance companies and brokers; lawyers, notaries, tax advisors, auditors, and accountants; investment and management companies; real estate brokers and agents; gaming enterprises; postal services; dealers in art, antiquities, precious metals and stones, and high-value goods
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 57 (Jan. 1 – Nov. 1, 2015); Convictions: 12 (Jan. 1 – Nov. 1, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 0
Largely Compliant : 23 Substantial : 1
Partially Compliant : 8 Moderate : 10
Non-Compliant : 0 Low : 0

BASEL i

Rank : 131/141
Score : 3.51/10

TRANSPARENCY INTERNATIONAL i

Rank : 35/180
Score : 60/100

Tax Justice Network i

Rank : 105/133
Score : 50/100