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REPUBLIC OF LITHUANIA

REPUBLIC OF LITHUANIA official translation REPUBLIC OF LITHUANIA LAW ON THE PREVENTION OF MONEY LAUNDERING 20 October 1998 No. VIII-903 As amended by 4 November 1999 No. VIII-1388 Vilnius CHAPTER ONE GENERAL PROVISIONS Article I. Purpose of the Law The purpose of this Law is to establish the measures for the prevention of money laundering and designate the state institutions responsible for the implementation of the measures for the prevention of money laundering. Article

  1. Definitions
  2. Money laundering means activities aimed at the legitimisation or concealment of the origin of money derived from criminal activity.
  3. Prevention of money laundering means implementation of the measures stipulated in this Law for the prevention of money laundering.
  4. Money means cash, cheques, bills, travellers' cheques, payment orders and other payment instruments.
  5. Credit institutions means banks, credit unions and other institutions functioning under the licence issued by the Bank of Lithuania.
  6. Financial institutions means insurance companies and insurance brokers, investment companies of variable capital, managing enterprises and depositories of investment companies, brokerage firms, investment management and consulting firms. For the purposes of this Law, the activities of a pawn broker's shop and a post office shall be treated as the activities of a financial institution.
  7. Customer means a legal or natural person or an enterprise without the status of a legal person conducting monetary transactions with a credit or financial institution or other legal person or an enterprise without the status of a legal person other than state or municipal institutions, other institutions maintained from the budget, the Bank of Lithuania, state and municipal funds, diplomatic missions or consular institutions of foreign countries.
  8. Monetary transactions - depositing or receipt of money, withdrawal or payment of cash, exchange of currency at financial and credit institutions, also lending, gift and other type of payment or receipt of money in civil monetary transactions or in some other manner other than payments or settlements with state and municipal institutions, other institutions maintained from the budget, the Bank of Lithuania and state and municipal funds, diplomatic missions or consular institutions of foreign countries. CHAPTER TWO STATE INSTITUTIONS RESPONSIBLE FOR THE IMPLEMENTATION OF PREVENTIVE MEASURES AGAINST MONEY LAUNDERING Article
  9. State Institutions Responsible for the Implementation of Preventive Measures against Money Laundering The Government of the Republic of Lithuania, the Fiscal Police, the Bank of Lithuania and the Customs Department under the Ministry of Finance of the Republic of Lithuania shall be the state institutions which, within their competence, shall be responsible for the implementation of preventive measures against money laundering stipulated in this Law. Article
  10. Adoption of Recommendations for Credit Institutions on the Issues Relating to the Prevention of Money Laundering The Bank of Lithuania shall adopt recommendations for credit institutions intended for the prevention of money laundering. Article
  11. Functions of the Fiscal Police in Implementing Preventive Measures against Money Laundering
  12. It shall be within the competence of the Fiscal Police: 1) to collect and record the information specified in this Law about the monetary transactions of the customer and the customer engaged in such monetary transactions; 2) to gather and examine the information relating to the implementation of the preventive measures against money laundering; 3) to submit reports to the law enforcement and other state institutions, at their reasoned request, about the monetary transactions conducted by the customer; 4) to conduct inquiry in money laundering cases; 5) to co-operate with foreign institutions and international organisations implementing preventive measures against money laundering; 6) to give recommendations to financial institutions, notaries and persons authorised to carry out notarial operations, who, under this Law, are obligated to submit reports to the Fiscal Police on the gathering and filing of the required data; 7) to report about its activities to the Government at least once a year. Article
  13. The Rights of the Fiscal Police in Implementing Preventive Measures against Money Laundering
  14. The Fiscal Police shall have the right: 1) to obtain from state institutions, credit and financial institutions, other legal persons and enterprises without the status of a legal person, notaries and persons authorised to carry out notarial operations, the data and documents about the monetary transactions necessary for carrying out its functions; 2) to inspect the activities of state institutions, credit and financial institutions, other legal persons and enterprises without the status of a legal person related to the implementation of preventive measures against money laundering; 3) to obtain from state institutions, credit and financial institutions, other legal persons and enterprises without the status of the legal person, the information related to the implementation of the preventive measures against money laundering; 4) to co-ordinate the activities of state institutions related to the implementation of preventive measures against money laundering; 5) to instruct the administration of state institutions, credit and financial institutions about the circumstances and conditions providing possibilities for breach of the law and other legal acts related to the implementation of the preventive measures against money laundering. The administration must examine the instructions of the Fiscal Police, and, no later than within seven days following the receipt of the instruction, report to the Fiscal Police about the measures taken.
  15. The rights of the Fiscal Police officers involved in the inquiry in money laundering cases, shall be regulated by the Code of Criminal Procedure. Article
  16. Co-operation between State Institutions
  17. Law enforcement and other state institutions must report to the Fiscal Police about any indications of money laundering, violations of this Law and the measures taken against the perpetrators. The data to be reported by state institutions to the Fiscal Police, and the procedure of filing the reports shall be established by the Government.
  18. With the aim of prevention of money laundering, the information received by the Fiscal Police from the law enforcement and other state institutions, credit and financial institutions, notaries and persons authorised to conduct notarial operations, other legal and natural persons, enterprises without the status of the legal person, may be communicated, in the cases provided by law, to the entities of operational activities and other state institutions. CHAPTER THREE MEASURES FOR THE PREVENTION OF MONEY LAUNDERING Article
  19. Suspicious Monetary Transactions
  20. If credit and financial institutions suspect that monetary transactions carried out therein by a customer may be related to money laundering they must establish identity of the customer and communicate, without delay, but not later than within 3 work days from the day on which the transaction was documented, the information specified in paragraph 1, Article 12, about the transaction to the Fiscal Police, irrespective of the sum of the transaction.
  21. When there is suspicion that monetary transactions in which their customers are engaged may be related to money laundering, notaries and persons authorised to conduct notarial operations must submit, without delay, but not later than within 3 work days after the day on which the transaction was documented, proof of identity of the customer and information specified in paragraph 1, Article 12, to the Fiscal Police irrespective of the amount of money received or paid by the customer during the transaction.
  22. The criteria for determining whether the transaction is to be regarded as suspicious shall be established by the Government in conjunction with the Bank of Lithuania. Article
  23. Identification of the Customer
  24. Credit and financial institutions must establish the identity of the customer if the monetary transactions in which the customer is engaged involve a sum in excess of 50,000 Litas or its equivalent in foreign currency.
  25. The procedure for establishing the identity of the customer shall be decreed by the Government.
  26. The identity of the customer must be established before the start of the transaction.
  27. It shall be prohibited to conduct a monetary transaction if the customer fails to provide information, in the cases stipulated by this Law, confirming his identity, also if the information is insufficient or false. Article
  28. Transaction Conducted by an Agent
  29. When a transaction which, pursuant to this Law, has to be reported to the fiscal police, is conducted by an agent, credit and financial institutions must establish the identity of the customer and his agent. Article
  30. Keeping of Information
  31. Credit and financial institutions must keep a register of the monetary transactions conducted by the customer involving a sum in excess of 50,000 Litas or its equivalent in foreign currency, and of suspicious operations, with the exception of cases where the customer of a credit and financial institution is another credit or financial institution.
  32. Notaries and persons authorised to conduct notarial operations must keep a register of the customers’ s monetary transactions in which the amount of money received or paid is in excess of 50,000 Litas or an equivalent sum in foreign currency.
  33. The register keeping regulations shall be established by the Government in conjunction with the Bank of Lithuania.
  34. Documents attesting monetary transactions and other legal instruments related to monetary transactions must be kept for 10 years after the end of the relationship with the customer. Article
  35. Filing Reports to the Fiscal Police
  36. Credit and financial institutions conducting monetary transactions, must file reports to the Fiscal Police about the customer’s identity and the information about the transaction if a single transaction or several connected monetary transactions in which the customer is engaged involve a sum in excess of 50,000 Litas or its equivalent in foreign currency. Notaries or persons authorised to conduct notarial operations must file reports to the Fiscal Police about the customer’s identity and the information about the transaction conducted by the customer if under the transaction the sum received or paid is in excess of 50,000 Litas or its equivalent in foreign currency. The information reported to the Fiscal Police shall indicate data proving the customer’s identity; if the transaction is conducted by an agent - data proving the agent’s identity; the sum of the transaction; the currency used in the transaction; the date of the transaction; the type of the transaction; and the beneficiary of the transaction.
  37. Insurance companies shall report to the Fiscal Police the data proving the identity of the customer and the insured, and the information about the insurance premiums, if from the beginning of the calendar year or from a previous report the sum of single insurance contributions under one or more insurance contracts is in excess of 10,000 Litas, and of periodical premiums - in excess of 5,000 Litas or its equivalent in foreign currency.
  38. Credit institutions shall report to the Fiscal Police the data proving the identity of the customer and the information about a single exchange of one currency into another if the sum of the cash exchanged is in excess of 20,000 Litas or its equivalent in foreign currency.
  39. The information specified in paragraphs 1-3 of this Article shall be reported to the Fiscal Police without delay, but no later than within three days following the day of the transaction.
  40. Information specified in paragraph 1 of this Article shall not be reported to the Fiscal Police if the customer of a credit or financial institution is another credit or financial institution.
  41. A credit or financial institution may not report to the Fiscal Police the information specified in paragraph 1 of this Article if the customer's activities involve large-scale continuous and regular monetary transactions in conformity with the criteria established by the Government and the Bank of Lithuania.
  42. The exception specified in paragraph 6 of this Article shall not apply if the customer of a credit or financial institution: 1) provides legal services, is a practising lawyer, is engaged in notarial activities; 2) organises and runs lotteries and bingo games; 3) carries out activities involving ferrous, non-ferrous or precious (rare) metals, precious stones, jewellery, and works of art; 4) is a car dealer; 5) is in the real estate business; 6) is an auditor; 7) provides individual health care; 8) organises and holds auctions; 9) organises tourism and travels; 10) is a wholesaler in spirits, alcohol products, and tobacco goods; 11) is a dealer in oil products; 12) is a dealer in medicinal products. Article
  43. Activities of the Customs
  44. The customs shall undertake control of the sums of cash incoming to and outgoing from the Republic of Lithuania in the manner prescribed by the Government.
  45. The customs must record each case of cash incoming to or outgoing from the Republic of Lithuania, if a single sum of the incoming or outgoing cash is in excess of 10,000 Litas or its equivalent in foreign currency.
  46. The customs must, without delay, but no later than within three working days, report to the Fiscal Police if a legal or natural person brings to the Republic of Lithuania or takes out from it a single sum of cash in excess of 50,000 Litas or its equivalent in foreign currency.
  47. A single natural or legal person shall be prohibited from taking out from the Republic of Lithuania a sum of cash in excess of 500,000 Litas or its equivalent in foreign currency, with the exception when cash is taken out by the Bank of Lithuania or commercial banks to be paid into their accounts or in cases provided for by international agreements to which the Republic of Lithuania is a party. Article
  48. Persons in Credit and Financial Institutions Responsible for the Implementation of Preventive Measures against Money Laundering
  49. Chief Executive Officers of credit and financial institutions must appoint persons who will organise implementation of preventive measures against money laundering set out in this Law and maintain contacts with the Fiscal Police.
  50. Upon the appointment of persons specified in paragraph 1 of this Article, information about them shall be communicated to the Fiscal Police. Article
  51. Confidentiality of the Information Reported to the Fiscal Police
  52. The information specified in this Law which is received by the Fiscal Police may not be published or communicated to other institutions of public administration, control or law enforcement. 2 . State institutions and their staff, credit and finance institutions, notaries and persons authorised to carry out notarial operations and their staff shall be prohibited from disclosing to their customer or other persons that the information about their monetary transactions has been reported to the Fiscal Police.
  53. Reporting of the information specified in this Law to the Fiscal Police shall not be regarded a disclosure of an industrial, commercial or bank secret.
  54. The anonymity of the person who has assisted in detecting violations in the implementation of preventive measures against money laundering and instances of money laundering shall be guaranteed by this Law. CHAPTER FOUR FINAL PROVISIONS Article
  55. Appeal against the Actions of the Fiscal Police The actions of the Fiscal Police officers may be appealed against in the manner prescribed by the law. Article
  56. Damages Damage resulting from illegal actions of the Fiscal Police officers in discharge of their official duties shall be compensated for in the manner prescribed by the law. Article
  57. Liability Officers and persons who commit a breach of the requirements set out in this Law shall be held liable in the manner prescribed by the law”. I promulgate this Law passed by the Seimas of the Republic of Lithuania PRESIDENT OF THE REPUBLIC VALDAS ADAMKUS

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