MONEYVAL report – Lithuania’s progress in the fight against money laundering and terrorist financing | Business
It indicates that Lithuania has improved compliance with two recommendations of the Financial Action Task Force on Combating Money Laundering and Terrorist Financing (FATF) related to legal entities’ use of payee transparency and control of cash transportation.
By increasing the customs authority to request additional information and receive it, Lithuania eliminated the deficiency of the previously established requirements. In addition, Lithuania strengthened the coordination mechanism between the Customs and Migration Department and the Financial Intelligence Unit.
There are still minor weaknesses in the transportation of money by post and/or truck and its detention for the purpose of gathering potential evidence of money laundering and terrorist financing.
It is emphasized that Lithuania has taken certain important steps that would increase the transparency of legal entities. In recent years, the Subsystem of Beneficiaries of Legal Entities (JANGIS), which collects information on shareholders, members and owners of legal entities, has started to operate. Although Lithuania has improved the legal regulation, there are still some shortcomings, with the proportionality and deterrence of enforcement measures, as well as with the risk assessment of legal entities.
The report also examines the various legislative, regulatory and institutional measures related to entities engaged in non-financial services activities and professions, but their insufficient oversight improves the rating in accordance with FATF Recommendation 28.
Lithuania has already ensured compliance with 8 of the 40 FATF recommendations, which are considered the international standard for combating money laundering and terrorist financing. Minor deficiencies were identified for 27 recommendations, five more countries partially comply with the recommendations. Lithuania does not have assessments of complete non-compliance.
By strengthening the prevention of money laundering and terrorist financing, Lithuania will continue to seek progress in the implementation of FATF recommendations and related measures.
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