The United Nations estimate that globally every year up to 2 trillion US dollars gets laundered. In the last few years some of the Nordic-Baltic jurisdictions were shaken with cases of the alleged systematic use of banks for money laundering. During the pandemic, the scale of money laundering and financial fraud has likely increased.
We thus need to stay alert and search for ways to update and enhance our anti-money laundering and counter terrorist financing frameworks. I will now elaborate on our – the Bank of Lithuania’s – approach on dealing with money laundering and terrorist financing. The Bank of Lithuania constantly monitors and assesses vulnerabilities in market participants’ risk control, anti-money laundering and terrorist financing prevention frameworks.