Financial Crime World

Lithuania Takes Aim at Money Laundering with Centre of Excellence

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In an effort to boost transparency and combat financial crimes, Lithuania has launched a Centre of Excellence in Anti-Money Laundering (AML), a unique public-private partnership aimed at strengthening the country’s AML defenses.

About the Centre

The centre, housed within the Bank of Lithuania, brings together representatives from both the public and private sectors to share information on money laundering and terrorist financing typologies. Its specialists will conduct research, assessments, and analyses to develop guidelines, recommendations, and methodologies for market participants.

Key Features

  • Housed within the Bank of Lithuania
  • Public-private partnership between government and industry experts
  • Research, assessment, and analysis of AML typologies
  • Development of guidelines, recommendations, and methodologies for market participants

Sanctions Screening Tool Goes Live

In another move to support businesses in navigating complex financial regulations, ArcaPay has launched a freely available sanctions screening tool for international companies. This tool allows clients and other businesses to check their business partners for international financial sanctions without any costs or restrictions.

Benefits

  • Freely available for international companies
  • Allows businesses to check partners for international financial sanctions
  • No costs or restrictions

Lithuania Considers Total Ban on Business with Russia

As tensions between Lithuania and Russia escalate, the country is considering a total ban on business transactions with Russia. While some argue that this move could bring unintended secondary effects, industry representatives warn that many firms rely on Russia as a transit point to reach Asian markets.

Pros and Cons

  • Potential benefits: strengthening national security, reducing financial risks
  • Potential drawbacks: unintended secondary effects on economy, potential loss of market access

Strengthening Anti-Money Laundering Measures

In related news, Lithuania has introduced amendments to its law on the prevention of money laundering and terrorist financing. The changes aim to strengthen risk management in the cryptocurrency sector, increase transparency, and regulate service providers more strictly.

Key Changes

  • Strengthened risk management in the cryptocurrency sector
  • Increased transparency requirements for financial institutions
  • Stricter regulations for service providers

Conclusion

Lithuania’s commitment to tackling financial crimes and promoting a safe and transparent business environment is evident through these recent developments. As the country continues to evolve as an AML hub, it is likely to attract international attention and investment.

  • “Lithuania Aims for Excellence in AML” (August 27, 2021)
  • “The Story Behind Lithuania’s Centre of Excellence in Anti-Money Laundering” (July 14, 2021)
  • “Lithuania Opens Public-Private Anti-Money Laundering Centre” (June 3, 2021)

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