Financial Crime Investigation Service

Money Laundering Prevention » Activities

Functioning of the Financial Intelligence Unit

According to the Law on Prevention of Money Laundering, the Division of Prevention of Money Laundering was established in the FCIS.

According to its competence this division:

collects and registers information referred in this Law on money operations performed by a client and a client himself/herself;
collects and analyses information connected to the implementation of preventive measures against money laundering;
provides law enforcement institutions and other state institutions upon their motivated request with information on money operations performed by a client;
performs operative activity according to the order established by appropriate legal acts;
co-operates with foreign institutions, international organizations implementing preventive measures against money laundering;
provides methodical recommendations to the financial institutions, notaries and persons entitled to perform notary actions, obligated by this law to provide the FCIS with the information on collection and transfer of the necessary data;
at least once a year provides the Government with a report on its activity.

The Money Laundering Prevention Division was granted the status of the Financial Intelligence Unit (FIU) at the VII Meeting of Egmong Group, that took place on 26-28 May 1999 in Bratislava.

During the period of 1999 - 2003 nine Memorandums of Understanding on co-operation exchanging the financial intelligence information were signed with FIU's from Latvia, Estonia, Belgium, Bulgary, Check Republic, Italy, Finland, Croatia, Poland and Slovenia.

On 26 November 2002 a Financial Memorandum concerning Part II of the National Phare programme under which FCIS project 2002/000.601.04.03 ‚Strengthening administrative and technical capacities of FCIS while implementing effective money laundering prevention measures‘ is being financed was signed. The total sum of the Project is EUR 1,4 mln. Technical assistance part and investment part intended to obtain necessary equipment and to renovate the premises are foreseen within the scope of the Project.

In February 2005 one of five European Union Phare programme contracts expired. At the end of 2003 Financial Crime Investigation Service and European Consultant Organization (ECO) signed a service contract for the implementation of Technical assistance part. The project was financed by Phare programme funds (EUR 493 000). The project was implemented by the project team leader Mr Harrie VAN BOXMEER.

The project lasted for 14 months and involved these major activities: trainings, revision of the legislation, drafting methodological guidelines, strengthening of cooperation among law enforcement and money laundering prevention institutions, and drafting annual statistical bulletin on money laundering prevention.

Apart from FCIS, other institutions responsible for the implementation of the money laundering prevention measures have also participated in the project, namely, the Bank of Lithuania, Special Crime Investigation Service, State Security Department.

While implementing the project 329 persons have been trained, 4 study visits to the EU related institutions have been organized, and guidelines for financial leasing providers on the prevention of money laundering have been approved.

With reference to all Phare project ‘Strengthening administrative and technical capacities of FCIS while implementing effective money laundering prevention measures‘ questions, please, address the International Cooperation Division of FCIS by tel. +370 5 271 74 60.

The final project report can be found here: PDF PDF