The conclusions about Lithuania and other countries were drafted on the basis of research by CE experts conducted during on-site visits to the evaluated states in 1998.
The summary of the research suggests that the transition to a market economy since 1990 has been accompanied by a rise in criminality in Lithuania. Lithuania has also seen the development of domestic organized crime groups, operating at the domestic and at the international level. Money laundering is frequently used by these groups.
According to the report, the Lithuanian authorities perceive the pressure is currently on the banking sector, but they recognize that increasingly other non-bank financial institutions and real estate will become more vulnerable.
CE experts identify three policy objectives.
The first is to encourage cooperation with corresponding institutions of other countries and international organizations. The second is to bring the legal system into line with EU requirements and international standards. In this regard, Lithuania has shown its commitment by taking the first important steps to combat money laundering.
Lithuania's third objective is to ensure internal coordination among the various institutions responsible for money laundering issues.
Experts say that much has been done in Lithuania in a short time, adding that the country's authorities can build on what has already been achieved and develop an effective anti-money laundering system, which meets international standards.
Please enter your username and password.
2024 © The Baltic Times /Cookies Policy
