On 17-18 April 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 virtual assets service providers (VASPs) in Lithuania. The event gathered representatives of the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior (FCIS) and Bank of Lithuania. 

Taking into consideration the fact that Lithuania is identified as one of the jurisdictions with materially important VASP activities, it is essential for the AML/CFT supervisors to establish an effective AML/CFT risk-based supervision, allowing them to focus on the higher-risk obliged entities.

The training aimed therefore at providing concrete guidance to the authorities as regards the establishment of effective and strategic supervisory frameworks. Participants benefitted among other from an in-depth overview of the market entry requirements brought by the recently adopted Markets in Crypto-Assets (MiCA) regulation. In addition, the representatives of two supervisors enhanced their understanding as regards the new “Travel Rule Requirements” and were advised on tactical issues to be taken into account when assessing the obliged entities’ compliance with these requirements. The training has also focused on the importance of information-sharing and cooperation between the two supervisory authorities, while also touching upon the need of ensuring cooperation with other EU supervisory authorities.

The ECCD will continue supporting Lithuanian authorities with strengthening their AML/CFT risk-based approach to supervision by organising a Training of Trainers in this regard, which will also contribute to the achievement of sustainable results of this Project. 

The event was organised within the framework of the Technical Support Instrument initiative “Strengthening Risk-Based AML/CFT Supervision in Lithuania”, co-funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.