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Lithuanian National Risk Assessment of Money Laundering and Terrorist Financing

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Lithuanian National Risk Assessment of Money Laundering and Terrorist Financing LITHUANIAN NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING AND TERRORIST FINANCING Vilnius, 2020 Contents 1. Introduction .......................................................................................................................................... 3 2. Executive summary ............................................................................................................................... 5 3. Economic, geographical, political, legal environment ........................................................................... 7 3.1. Economic environment ................................................................................................................. 7 3.2. Geographical environment ............................................................................................................ 8 3.3. Political and legal system .............................................................................................................. 8 4. Overview of organized crime and TF in Lithuania ............................................................................... 10 4.1. Organized crime .......................................................................................................................... 10 4.2. Terrorist financing ....................................................................................................................... 12 5. Overview of STRs ................................................................................................................................. 13 6. Stakeholders ........................................................................................................................................ 15 6.1. Financial Intelligence Unit (FIU) - The Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania ................................................................................................. 16 6.2. Law Enforcement and other state authorities ............................................................................. 17 6.3. Regulatory and supervisory authorities ....................................................................................... 18 6.4. Financial Institutions ................................................................................................................... 22 6.5. Designated Non-Financial Businesses and Professions (DNFBP) ................................................. 22 7. AML / CTF Risk Assessment ............................................................................................................... 24 7.1. Financial sector ............................................................................................................................... 24 7.1.1. Banking ........................................................................................................................................ 24 7.1.1.1. Product: Transfer of funds ................................................................................................... 24 7.1.1.2. Product: Trade finance ........................................................................................................ 26 7.1.1.3. Product: Credit .................................................................................................................... 27 7.1.1.4. Product: Cash currency exchange ....................................................................................... 27 7.1.1.5. Product: Cash deposits to current account ......................................................................... 29 7.1.1.6. Related to all products ........................................................................................................ 30 7.1.2. Credit unions ............................................................................................................................... 31 7.1.3. Crowdfunding platforms ............................................................................................................. 32 7.1.4. Currency exchange offices .......................................................................................................... 33 7.1.5. Investment companies ................................................................................................................ 34 7.1.6. Consumer credits and Leasing .................................................................................................... 35 1 7.1.7. Life insurance .............................................................................................................................. 36 7.1.8. Money remittance ...................................................................................................................... 36 7.1.9. Payment / E-money institutions ................................................................................................. 37 7.1.10. Virtual currencies ........................................................................................................................ 39 7.2. Other sectors .................................................................................................................................. 40 7.2.1. Accountants, auditors and tax advisors ...................................................................................... 40 7.2.2. Advocates .................................................................................................................................... 41 7.2.3. Notaries ....................................................................................................................................... 43 7.2.4. Bailiffs .......................................................................................................................................... 44 7.2.5. Non-profit organizations ............................................................................................................. 44 7.2.5.1. Religious organizations ....................................................................................................... 44 7.2.5.2. Charities .............................................................................................................................. 46 7.2.6. Gambling sector .......................................................................................................................... 47 7.2.6.1. Product: Casinos (A category) ............................................................................................. 47 7.2.6.2. Product: Gaming machines (B category)............................................................................. 48 7.2.6.3. Product: Betting .................................................................................................................. 49 7.2.6.4. Product: Lotteries ................................................................................................................ 50 7.2.6.5. Product: Online gambling .................................................................................................... 51 7.2.7. Trade in precious stones and precious metals ........................................................................... 53 7.2.8. Trade in movable cultural goods and antiques ........................................................................... 53 7.2.9. Trade in goods in cash ................................................................................................................. 54 7.2.10. Trade in real estate ..................................................................................................................... 55 Annex 1. NRA methodology ....................................................................................................................... 57 NRA methodology. Annex 1 ................................................................................................................... 62 NRA methodology. Annex 2 ................................................................................................................... 63 NRA methodology. Annex 3 ................................................................................................................... 64 NRA methodology. Annex 4 ................................................................................................................... 65 NRA methodology. Annex 5 ................................................................................................................... 69 Annex 2. Glossary ....................................................................................................................................... 70 2 1. Introduction In agreement with the Prevention of Money Laundering and Terrorist Financing Law of the Republic of Lithuania (PMLTFL)1, The National Risk Assessment of Money Laundering and Terrorist Financing (NRA) is performed every 4 years. The aim of the NRA is to measure a current risk level of money laundering (ML) and terrorist financing (TF) in Lithuania and to establish specific risk management controls (mitigation measures). The NRA assesses the money laundering and terrorist financing risks affecting the internal Lithuanian market and cross border activities that are of priority concern in Lithuania. Lithuania published its first national risk assessment in 20152. The second NRA was established according to the Supranational Risk Assessment (SNRA)3 methodology in 2019. The details of the NRA methodology used in preparing this report are presented in Annex 1. NRA methodology. The current
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