On 22 September 2021 the Government of the Republic of Lithuania endorsed the objective that the new EU Anti-Money Laundering Authority (AMLA) would be located in Vilnius. Such a decision was made based on Lithuania's good track record in the field of Anti-Money Laundering and Countering Financing of Terrorism (AML/CTF), advanced digital technology sector and compliance ecosystem in the country, as well as regulatory experience in the field of Fintech.
The establishment of this new EU authority is a core element of the package of legislative proposals presented by the European Commission on 20 July 2021 with the aim to strengthen the European AML/CTF regime.
Key reasons why Vilnius is an excellent location for AMLA
✅ Strong track record in AML/CFT risk management, as it is reflected in the country’s high international rankings.
- Lithuania is one of the best countries in dealing with ML/FT risks. We are among 10 lowest risk jurisdictions globally, based on Basel AML Index 2022.
- Lithuania is compliant with all the Financial Action Task Force (FATF) criteria.
✅ Vibrant talent pool with relevant AML/CFT competences is found in Vilnius. This, together with the broader Fintech and compliance ecosystem would facilitate smooth functioning of the new institution.
- More than 265 Fintech companies operate in the country from international payments and remittance services, digital banking to online investments, p2p, and others.
- Lithuania holds 1st place in the EU in terms of digital and technological skills, based on the World Competitiveness Report 2022.
✅ Extensive regulatory know-how and innovative tools in dealing with AML/CFT risks.
- Having the Centre of Excellence in Anti-Money Laundering and being an established Fintech hub, we are working closely with market participants in mitigating risks.
- Being at the border of the EU, Lithuania has developed tools to ensure that illicit financial flows from neighbouring third countries do not enter the EU.
- We have an advanced and constantly updated regulatory toolkit – including regulatory sandbox and dedicated crypto regulation – to deal effectively with risks stemming from both traditional and innovative market segments.
✅ Locating AMLA in Vilnius would be in line with the principle of geographical balance, while living in one of Europe’s greenest capitals would ensure excellent quality of life to the staff of the new institution.
Click here for more information on Lithuania’s AMLA bid.