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CRIMINALS STILL HOLDING POWER IN LITHUANIAN CASINOS
Despite efforts to prevent criminal control of casinos in Lithuania, authorities have failed to address several key deficiencies in the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) laws.
Deficiencies in AML/CFT Laws
According to a recent report by the Financial Action Task Force (FATF), persons found guilty of certain crimes are still able to hold positions of power in casinos, despite a lack of clear statutory powers to prevent such control. Additionally, persons indirectly controlled by criminals, including associates and close business partners, remain unregulated.
Areas for Improvement
- Lack of safeguards to prevent criminal control of designated non-financial businesses and professions (DNFBPs)
- Failure to establish a clear framework for registration of DNFBPs
- Limited powers of supervisory authorities to impose fines for AML/CFT breaches
Criticism from Anti-Corruption Groups
The FATF report has been criticized by anti-corruption groups, who argue that Lithuania’s failure to regulate DNFBPs and prevent criminal control of casinos is a major obstacle to combating money laundering and terrorist financing in the country.
Quote from the Anti-Corruption Coalition
“These deficiencies are unacceptable and pose a significant risk to the stability of the financial system. We urge the authorities to take immediate action to address these issues and ensure that Lithuania’s AML/CFT laws meet international standards.”
Proposed Legislation
The issue is expected to be addressed in the coming months, with parliamentarians set to debate proposed legislation aimed at strengthening the country’s AML/CFT framework. However, it remains to be seen whether these efforts will be sufficient to prevent criminal control of casinos and ensure that Lithuania meets its obligations under the FATF recommendations.
Will Proposed Legislation Sufficiently Address Deficiencies?
Only time will tell if the proposed legislation will effectively address the deficiencies in Lithuania’s AML/CFT laws. The country must take immediate action to prevent criminal control of casinos and ensure compliance with international standards for AML/CFT.