On 20-23 February 2024, the Economic Crime and Cooperation Division of the Council of Europe organised a training on conducting Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk-based supervision of Designated Non-Financial Businesses and Professions (DNFBPs) in Lithuania. The training focused most notably on selected sectors of DNFBPs which were identified as being exposed to higher money laundering and terrorist financing (ML/TF) risks in the 2019 Money Laundering and Terrorist Financing National Risk Assessment of Lithuania - lawyers, notaries, accountants and real estate agents.

To ensure an active engagement of participants, the event was launched by an overview of the various DNFBPs supervisors’ risk-based approach to supervision. Representatives of the Financial Crime Investigation Service under the Ministry of Interior (Lithuanian Financial Intelligence Unit), Bar Association, Chamber of Notaries, Lithuanian Assay Office, Chamber of Judicial Officers, Chamber of Auditors and the Department of Cultural Heritage, provided for instance an in-depth presentation of their internal procedures, including risk-assessment methodologies and data collection modalities.
The abovementioned exchange has set the base for the follow-up training sessions which aimed at guiding the supervisors through the various steps of a supervisory cycle. For instance, participants were provided with a number of good practices for carrying out institutional risk-assessments, off-site supervision and on-site inspections, reporting inspection findings and applying corrective actions. In addition, a particular emphasis was put on the ML/TF risks associated with the activities carried out by accountants, auditors, lawyers, notaries and real estate agents. The relevant supervisors were also provided with targeted advice for ensuring an effective risk-based supervision of these high-risk sectors.

The theoretical sessions were also complemented by several practical exercises and case studies, which aimed at engaging participants in detecting the effectiveness of fictitious supervisory tools developed for the purpose of the training.

The ECCD will continue supporting Lithuanian authorities with strengthening their AML/CFT risk-based approach to supervision by providing additional advice in developing or reviewing the supervisory tools, as well as by organising a Training of Trainers on AML/CFT risk-based supervision, which will also contribute to the achievement of sustainable results of this Project.

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.