The Council of Europe Economic Crime and Cooperation Division (ECCD) is providing technical assistance to Lithuanian authorities with conducting the Sectoral Risk Assessment (SRA) of Virtual Assets (VA) and Virtual Asset Service Providers (VASPs). In this regard, and in order to kick-off the SRA process, the ECCD organised an online training on the practical implementation of the Council of Europe’s AML/CFT Sectoral Risk Assessment Methodology for Virtual Assets and Virtual Asset Service Providers in Lithuania. The event was attended by representatives of the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania (Lithuanian FIU) and of the Bank of Lithuania.

The training provided an opportunity for these key stakeholders to further familiarise themselves with the main elements of this sectoral risk assessment process, including the data gathering and analysis tools, detailed implementation steps of the Methodology, as well as with potential challenges to be expected when attempting to assess risks as accurately as possible in this emerging and highly volatile sector. Moreover, participants benefited from the presentation delivered by the Councill of Europe expert on practical aspects and examples with regard to the identification and understanding of current VAs and VASPs and their activity in the country, the analysis of related threats and vulnerabilities, and the risk treatment following the sectoral assessment.

This training constitutes one step within a wider effort of supporting Lithuania in conducting its first full-fledged VAs and VASPs ML/TF Sectoral Risk Assessment. The Council of Europe will further support the authorities by providing tailored assistance and expert guidance throughout the assessment process.

The event was organised within the framework of the Technical Support Instrument (TSI) initiative 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.