On 10 September 2024, the Council of Europe’s Economic Crime and Cooperation Division (ECCD) organised a one-day Workshop for the Lithuanian authorities to further enhance their risk-based approach to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) supervision. The focus of the workshop was on improving the post-inspection process and follow-up within the AML/CFT supervisory cycle, specifically with regard to Designated Non-Financial Businesses and Professions (DNFBPs) such as auditors, accountants, tax advisors, legal professionals, gaming operators, dealers in precious metals and stones (DPMS) and others.

The initiative was part of the broader Technical Support Instrument (TSI) project “Strengthening Risk-Based AML/CFT Supervision in Lithuania”. The ECCD and the Council of Europe expert, in cooperation with the Lithuanian Financial Intelligence Unit (FIU) and other national stakeholders, conducted a detailed desk-based research of existing practices across several jurisdictions, including EU and non-EU countries. The findings of the analysis were further enriched with several interviews with the supervisory authorities across the EU and broader, aiming to identify good practices and areas for improvement in sanctioning AML/CFT breaches within the DNFBP sector.

The findings and recommendations were shared during a workshop held on 10 September 2024 in Vilnius, attended by Lithuanian supervisory authorities and a representative from the FIAU Malta, who in-person presented Maltese approach in the post-inspection process. This workshop provided Lithuanian supervisory authorities with valuable insights and practical examples to enhance their approach to post-inspection processes and sanctioning of obliged entities for AML/CFT breaches. The discussions and experiences shared during the workshop have contributed to strengthening Lithuania’s AML/CFT supervision, particularly in high-risk sectors, ensuring continued progress in aligning with international good practices.

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.