Lithuania has improved its measures for tackling money laundering and terrorist financing, concludes MONEYVAL in a follow-up report released today. The report found Lithuania to have improved its compliance with the Financial Action Task Force’s (FATF) Recommendation 2 (national co-operation and co-ordination). The country’s level of compliance has been re-evaluated, and Recommendation 2, previously rated Partially Compliant, is now Compliant.
Since December 2022, Lithuania has improved its national anti-money laundering and terrorist financing (AML/CFT) co-ordination framework, particularly in relation to proliferation financing. Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing), 7 (targeted financial sanctions related to proliferation) and 28 (regulation and supervision of designated non-financial businesses and professions (DNBPs)) were also assessed, however these remained rated Partially Compliant.
Out of the 40 FATF Recommendations, Lithuania currently has:
• 9 Recommendations rated Compliant
• 27 Recommendations rated Largely Compliant
• 4 Recommendations rated Partially Compliant
Lithuania is expected to provide an oral report to MONEYVAL in May 2024, and a written report in December 2024 on further progress made towards strengthening its AML/CFT system.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
