On 19 September 2023, the Economic Crime and Cooperation Division of the Council of Europe organised a Workshop on the Methodology for conducting a Money Laundering and Terrorist Financing (ML/TF) Sectoral Risk Assessment (SRA) of higher risk sectors in Lithuania. The event gathered 16 representatives from the Lithuanian Financial Crime Investigation Service under the Ministry of the Interior (FCIS), Bar Association, Chamber of Notaries, Chamber of Auditors and Chamber of Judicial Officers.

The main objective of the workshop was to present the recently developed SRA Methodology that will support Lithuanian authorities to undertake an AML/CFT risk-assessment of lawyers, real estate agents and accountants, as well as other Designated Non-Financial Businesses and Professions (DNFBPs). Besides the written guidance it contains, the Methodology is also accompanied by a data gathering and data analysis tool allowing to risk-score obliged entities. Participants have thus been acquainted in detail with the design of the tool, the data inputs it requires, as well as with the tool’s  automated features.

As a follow-up, the ML/TF SRA Methodology has been shared with all relevant stakeholders that are expecting to implement and contribute to the ML/TF risk-assessment of sectors exposed to higher ML/TF risks. The SRA process is expected to be launched in the last quarter of 2023. The Council of Europe will continue supporting the authorities by providing tailored assistance and expert guidance throughout the assessment process.

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.