The Council of Europe's Economic Crime and Cooperation Division (ECCD) is currently supporting Lithuanian authorities with reviewing and providing recommendations for further enhancing the framework for exchanging information between the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior (FCIS- Financial Intelligence Unit) and other competent authorities – such as Bank of Lithuania, Gaming Control Authority, Assay Office, Bar Association, Chamber of Auditors, Chamber of Notaries, Department of Cultural Heritage under the Ministry of Culture – to ensure that supervisory approaches for addressing Money Laundering and Terrorist Financing (ML/TF) risks are coordinated. 

In this regard, in March 2023 the ECCD undertook a review of the existing information sharing framework and tools for exchange of information between the FCIS and other AML/CFT and prudential supervisors in Lithuania, with the purpose of identifying potential deficiencies and providing recommendations to further improve the current system, to ensure effective implementation of sectoral ML/TF risk assessments and risk-based supervision.

The results of the review have been compiled in a Technical Paper describing the existing information sharing framework in Lithuania, identifying opportunities for enhancement, and providing recommendations aimed at further improving the current framework. Among others, Lithuanian authorities are recommended to review and update of the coordination agreements, as well as to increase the cooperation and collaboration on AML/CFT supervision through supervisory colleges and more engagement prior to inspections.

In order to present and further discuss the results of the conducted review, the ECCD has organised an in-person workshop on 19 September 2023, in Vilnius, Lithuania. The event gathered 21 representatives of FCIS, Lithuanian prudential and AML/CFT supervisory authorities, as well as Council of Europe experts. In addition, the workshop was attended by a representative of Guardia di Finanza of Italy who provided an overview of the Italian AML/CFT framework, including the framework for exchange of information, existing Memoranda of Understanding, coordination of inspection activities, and other.
Participants used this opportunity to engage in fruitful discussions and jointly reflect on the steps to be taken in order to further strengthen the existing information exchange framework in Lithuania.

The activity was organised within the framework of the Technical Support Instrument (TSI) project on “Strengthening Risk-Based AML/CFT supervision in Lithuania, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.