1. Are there any sanctions imposed against Lithuania?
There are no sanctions imposed on Lithuania.
2. What are the regulated institutions in Lithuania?
Trade-in goods in cash,trade-in real estate, banking, cash deposits to the current account, accountants, auditors, tax advisors, notaries gambling sector, casinos, online gambling, currency exchange offices, investment companies, payment, e-money institutions, credit unions Non-profit organizations, religious organizations,crowdfunding platforms.
3. Who are the local regulatory authorities in Lithuania and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Government of the Republic of Lithuania, State Security Agency of the Republic, Lithuanian Financial Crime Investigation Service, Lithuanian Bank, Customs Office, Cultural Heritage Protection Agency affiliated to the Ministry of Culture, Lithuanian Notaries Chamber, Lithuania Judicial Chambers, Lithuanian Chamber of Auditors, Lithuanian Bar Association and Lithuania Analysis Office,etc.
4. What is the status of Lithuania's FATF?
Lithuania is among the Financial Action Task Force (FATF) member states. Lithuania is not included in the FATF Country List with strategic AML deficiencies. The last Mutual Assessment Report on the implementation of anti-money laundering and anti-terrorism financing standards in Lithuania in 2019 was prepared by FATF. Based on this assessment of the FATF, Lithuania has been rated Compliant for 9 of the FATF 40 recommendations and largely compliant with 23.
5. Which global regulations Lithuania have to comply with?
Since Lithuania is a member of the European Union, it has to comply with the EU AML directives and as a member of the FATF, it has to also comply with the FATF 40 recommendations.
6. What are the AML obligations of the businesses in Lithuania?
In Lithuania, organizations are obliged to identify the existence of a high risk of money laundering under AML revisions and laws, and to report suspicious activity reports to the authorities for these detected crimes, to keep records of unusual transactions. In addition, organizations have many obligations such as identifying who their customers really are and identifying risks.
7. What are the AML laws and regulations in Lithuania?
Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, Law on the Implementation of Economic and other International Sanctions of the Republic of Lithuania, United Nations International Convention for the Suppression of the Financing of Terrorism, 40 recommendations of the international Financial Action Task Force (FATF), Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism , Wolfsberg Anti-Money Laundering Principles for Correspondent Banking etc.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Lithuania?
In Lithuania, certain criminal sanctions are imposed on real persons or legal entities engaged in money laundering activities.
9. What are the contact details of the relevant regulators in Lithuania?
Government of the Republic of Lithuania
Gedimino pr. 11, LT-01103 Vilnius, Lithuania.
T: +370 706 63 711
Lithuanian Financial Crime Investigation Service
Šermukšnių st. 3, LT-01106 Vilnius, Lithuania
T: (8 5) 271 6686
Lithuanian Notaries Chamber
Lithuanian Chamber of Notaries Olimpiečių g. 4 Vilnius Lithuania
T: +3705 261 4757
Lithuanian Chamber of Auditors
Ukmerges g. 369A, LT-06327, Vilnius, Lithuania
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, there are some administrative penalties for non-compliance with local or global AML regulations in Lithuania.
11.What can obliged institutions do to prevent money laundering and to comply with AML regulations?
In Lithuania, obliged entities must comply with their obligations to comply with regulations and to prevent money laundering in their businesses. In order to easily comply with these obligations, organizations can take measures such as Customer Due Diligence, Know Your Customer, Transaction Screening, Transaction Monitoring, Adverse Media Screening with AML solutions. Thanks to Sanction Scanner's AML solutions, you can easily comply with these obligations in compliance with all regulations.