As part of its ongoing efforts aimed at enhancing the risk-based approach to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) supervision in Lithuania, the Council of Europe’s Economic Crime and Cooperation Division (ECCD) supports the Financial Crime Intelligence Service (FCIS) under the Lithuanian Ministry of Interior in exchanging experience with their peers from other EU Member States’ supervisory authorities.

In this regard, on 25-26 June 2024 in Madrid, Spain, the ECCD organised a peer-to-peer expert exchange of experience and good practices between the FCIS and the Spanish Financial Intelligence Unit (Sepblac). The peer-to-peer exchange was kicked-off by a presentation of the two institutions’ supervisory scope and supervised sectors, as well as by a quick exchange on the main challenges currently encountered in the supervision of designated non-financial businesses and professions (DNFBPs) and virtual assets service providers (VASPs). In the follow-up sessions, Sepblac representatives provided an overview of the national strategies governing the current AML/CFT efforts in Spain, which was followed by an in-depth presentation of the processes of conducting risk assessment, establishing a supervisory strategy and plan, carrying out offsite and onsite inspections, as well as taking supervisory actions. The discussion also focused on existing practices for carrying out self-assessment of the effectiveness of supervisory efforts. Participants used this opportunity to discuss specificities of the supervisory approach applied to VASPs and exchange on addressing identified shortcomings in this specific sector. 

This activity not only provided a platform for experience-sharing between supervisory authorities in two EU Member States, but it also further enhanced their cooperation and facilitated potential follow-up exchanges in the future.

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.