The Council of Europe Economic Crime and Cooperation Division (ECCD) is currently supporting Lithuanian supervisory authorities with enhancing their risk-based approach to the anti-money laundering and countering financing of terrorism (AML/CFT) supervision of designated non-financial businesses and professions (DNFBPs). 

In this regard and following the request of the Lithuanian Chamber of Auditors, the project has undertaken an in-depth review of the supervisor’s AML/CFT risk-based approach to supervision and related supervisory procedures. The review allowed to identify existing gaps and provide targeted recommendations for implementing a robust risk-based AML/CFT supervisory framework for the audit sector, aligning with FATF standards. The latter were compiled in a Technical Paper which provides, in addition to the above, further written guidance to the Chamber of Auditors on the various steps of the supervisory cycle. The document also contains a sector specific risk matrix and questionnaire.

The results of the review and the guidance were presented and discussed with the Lithuanian Chamber of Auditors during an in-person workshop held on 17 September 2024, in Vilnius, Lithuania. The event provided an opportunity to discuss in further detail the risk assessment process based on the suggested data points and information to be provided in the proposed questionnaire. Moreover, the workshop focused on the importance of developing a supervisory strategy and planning, to ensure that the supervisory efforts are targeted towards the high-risk obliged entities.
 
The event was organised within the framework of the Technical Support Instrument initiative “Strengthening risk-based AML/CTF supervision in Lithuania” funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and implemented by the Council of Europe.