Lithuanian authorities and financial institutions must target corruption, organized crime and the risks posed by their country’s sizeable cash economy to clamp down on money laundering and other forms of illicit finance, an intergovernmental group has warned. In a 221-page report, Moneyval, the Financial Action Task Force’s representative in Europe, praised Lithuania’s global cooperation and supervision of banks for anti-money laundering purposes by its central bank, the Bank of Lithuania, but questioned the country’s rules for filing suspicious transaction reports, or STRs, and efforts to pursue prosecutions against financial criminals. Lithuania’s primary money-laundering risks derive from local corruption, drug trafficking,...
Lithuanian lawmakers plan to legislate an end to a policy that exempts transactions by and to government institutions, foreign embassies and businesses from enhanced scrutiny after an intergovernmental group warned it risks enabling bribery-related money laundering.
A portion of funds from a massive tax fraud in Russia that moved throughout Europe before terminating at Danske Bank in Estonia also transited through ABLV, which collapsed in February under the weight of a U.S. designation, a U.K. investor has alleged.
Banks in Russia, Switzerland and Germany are the top destinations for hundreds of millions of euros-worth of funds that have flowed out of Latvia since March, when the nation proposed to limit banking services to certain types of shell firms, according to a senior Latvian regulator.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a report reviewing Lithuania's anti-money laundering and counterterrorist financing regime.