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Bank of Lithuania gets green light for Centre of Excellence in Anti-Money Laundering

Monday 2 November 2020 12:06 CET | News

The Lithuanian government has approved the establishment of the Centre of Excellence in Anti-Money Laundering, a public-private cooperation project initiated by the Bank of Lithuania.

The Centre of Excellence in Anti-Money Laundering is set up to mobilise public and private efforts in combating money laundering and terrorist financing (AML/CTF) as well as to strengthen the prevention framework.

The Centre was established by the Ministry of Finance of the Republic of Lithuania, the Bank of Lithuania and the country’s commercial banks, while other financial market participants will also be invited to join its activities in the future. The Financial Crime Investigation Service, the Police Department of the Republic of Lithuania, the State Tax Inspectorate, and the Prosecutor General’s Office are expected to take joint action with the Centre of Excellence in Anti-Money Laundering as well.

The Centre of Excellence in Anti-Money Laundering aims to share information on the ML/TF typologies and set up a dedicated information exchange platform and carry out studies, assessments and analyses, prepare guidelines, recommendations, methodologies and legislative initiatives to improve the AML/CTF framework in Lithuania.

Furthermore, it aims to assist private sector entities in conducting internal AML/CTF risk assessments and strengthen competencies of public and private sector staff in the AML/CTF field, organise trainings, seminars, conferences, and other events.


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Keywords: Bank of Lithuania, financial crime, fraud prevention, AML, CTF, banking, Lithuania
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Lithuania
This article is part of category

Securing Transactions