The Economic Crime and Cooperation Division (ECCD) of the Council of Europe organised a workshop on self-assessing the effectiveness of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) supervision that took place in Vilnius, Lithuania, from 11 to 13 September 2024. Organised within the framework of the Technical Support Instrument (TSI) project “Strengthening Risk-Based AML/CFT Supervision in Lithuania”, the event aimed to further enhance the supervisory capabilities of Lithuanian authorities responsible for supervising sectors exposed to higher ML/TF risks, such as Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs).

The workshop focused on supporting Lithuanian supervisory authorities, namely representatives of the Financial Crime Investigation Service under the Ministry of Interior (Lithuanian Financial Intelligence Unit), Bar Association, Chamber of Notaries, Lithuanian Assay Office, Chamber of Judicial Officers, Chamber of Auditors and the Department of Cultural Heritage, in evaluating their current practices in performing AML/CFT market-entry controls and conducting risk-based supervision of the sectors within their scope of competence. 

In preparation for the workshop, the Council of Europe experts developed sector-specific questionnaires in line with the updated FATF Methodology, in order to gather and discuss data and information that can be used to self-assess effectiveness of the AML/CFT supervision. These questionnaires, along with in-depth interviews held during the workshop, informed the development of a Technical Paper with recommendations for the Lithuanian supervisory authorities on conducting self-assessment of their supervisory practices, which will result in further strengthening AML/CFT risk-based supervision in Lithuania.

The Council of Europe experts concluded the event with the presentation of findings and practical recommendations for the Lithuanian authorities in a joint session with all supervisory authorities, which was followed by the fruitful discussion and exchange of views between the participants.

The event was organised within the framework of the Technical Support Instrument initiative “Strengthening Risk-Based AML/CFT Supervision in Lithuania”, funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and implemented by the Council of Europe.