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REPUBLIC OF LITHUANIA

REPUBLIC OF LITHUANIA REPUBLIC OF LITHUANIA LAW ON THE PREVENTION OF MONEY LAUNDERING Chapter I GENERAL PROVISIONS Article

  1. Purpose of the Law The purpose of this Law is to establish the measures for the prevention of money laundering and the state institutions responsible for the implementation of the measures for the prevention of money laundering. Article
  2. Definitions
  3. Money laundering - activities aimed at the legitimisation or concealment of the origin of money derived from criminal activity.
  4. The prevention of money laundering - implementation of the measures stipulated in this Law for the prevention of money laundering.
  5. Money - cash, cheques, bills, travellers’ cheques, and other monetary instruments.
  6. Credit institutions - banks, credit unions and other institutions functioning under the licence issued by the Bank of Lithuania.
  7. Financial institutions - insurance companies and insurance brokers, investment funds, investment fund managers and depositories, brokerage companies, investment managers and consultants. In this Law, the activities of a pawn broker’s shop and a post office shall be treated as the activities of a financial institution.
  8. Customer - a legal or a natural person carrying out monetary operations with a credit or financial institution or other legal person or an undertaking without the status of the legal person.
  9. Monetary operations - making or acceptance of cash deposits, withdrawal or payment of cash, exchange of currency at financial and credit institutions also payment or receipt of money in civil transactions or in some other manner. Chapter II PUBLIC INSTITUTIONS RESPONSIBLE FOR THE IMPLEMENTATION OF MEASURES FOR THE PREVENTION OF MONEY LAUNDERING Article
  10. Public Institutions Responsible for the Implementation of the Measures for the Prevention of Money Laundering The Government of the Republic of Lithuania, the tax police, the Bank of Lithuania and the Customs Department at the Ministry of Finance of the Republic of Lithuania shall be the state institutions which, within their competence, are responsible for the implementation of measures for the prevention of money laundering stipulated in this Law. Article
  11. Adoption of Recommendations on the Issues Related to Money Laundering The Bank of Lithuania shall adopt recommendations intended for credit institutions to deal with issues related to money laundering. Article
  12. Functions of the Tax Police in Implementing the Measures for the Prevention of Money Laundering
  13. It shall be within the competence of the tax police: 1) to collect and record the information set out in this Law about the monetary operations of the customer and the customer carrying out such operations; 2) to collect and examine the information relating to the implementation of the prevention of money laundering; 3) to communicate the information to the law enforcement and other state institutions, at their reasoned request, about the monetary operations carried out by the customer; 4) to carry out inquiry in money laundering cases; 5) to co-operate with foreign public institutions, international organisations implementing the measures for the prevention of money laundering; 6) to provide recommendations to financial institutions, other legal persons and undertakings without the status of the legal person empowered by this Law to communicate to the tax police information on the gathering and transmission of the required data; 7) to report about its activities to the Government no less than once a year. Article
  14. The Rights of the Tax Police in Implementing the Measures for the Prevention of Money Laundering
  15. The tax police shall have the right: 1) to obtain from state institutions, credit and financial institutions, other legal persons and undertakings without the status of the legal person, the data and documents about the monetary operations, necessary for carrying out its functions; 2) to inspect the activities related to the implementation of the measures for the prevention of money laundering carried out by state institutions, credit and financial institutions, other legal persons and undertakings without the status of the legal person; 3) to obtain from state institutions, credit and financial institutions, other legal persons and undertakings without the status of the legal person, the information related to the implementation of the measures for the prevention of money laundering; 4) to co-ordinate the activities of state institutions related to the implementation of measures for the prevention of money laundering; 5) to instruct the administration of the state institutions, credit and financial institutions, other legal entities and undertakings without the status of the legal person, about the circumstances and conditions providing possibilities for violating laws and other legislative acts related to the implementation of the measures for the prevention of money laundering. The administration must examine the instructions of the tax police, and no later than within seven days following the receipt of the instruction report to the tax police about the measures taken. 6) The rights of the tax 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 institutions must report to the tax police about any indication of money laundering, the violations of this Law and the measures taken against the perpetrators. The data to be communicated by the state institutions to the tax police, and the procedure of communicating this information shall be established by the Government.
  18. The information received by the tax 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, undertakings without the status of the legal person, with the aim of prevention of money laundering, may be communicated in the cases established by law to the operatives and other state institutions. Chapter III MEASURES FOR THE PREVENTION OF MONEY LAUNDERING Article
  19. Suspiciousness of Monetary Operations
  20. If credit and financial institutions suspect that monetary operations carried out therein by a customer may be related to money laundering they must identify the customer and communicate, without delay, the information about the monetary operation to the tax police, irrespective of the amount of the monetary operation.
  21. The criteria for determining whether the monetary operation is suspicious shall be established by the Government together with the Bank of Lithuania. Article
  22. Identification of the Customer
  23. Credit and financial institutions must identify the customer if the monetary operations carried out by the customer involve a sum in excess of 50,000 Litas or its equivalent in foreign currency.
  24. Other legal entities or undertakings without the status of the legal person must identify the customer if the monetary operations carried out by the customer involve a sum in excess of 50, 000 Litas or its equivalent in foreign currency.
  25. The procedure of identification of the customer shall be prescribed by the Government.
  26. The customer must be identified prior to the start of the monetary operation.
  27. A monetary operation shall be prohibited if the customer fails to provide data in the cases stipulated by this Law, confirming his identity, or if not all the data has been provided or if the data is false. Article
  28. Transaction through an Agent
  29. When a transaction which, pursuant to this Law, has be reported to the tax police, is made through an agent, credit and financial institutions, other legal entities and undertakings without the status of the legal person must identify the customer and his agent. Article
  30. Preservation of Information
  31. Credit and financial institutions must keep a register of the monetary operations conducted by the customer involving a sum in excess of 50,000 Litas or its equivalent in foreign currency, and of suspicious operations.
  32. Legal persons and undertakings without the status of the legal person must keep a register of the monetary operations conducted by the customer involving a sum in excess of 50, 000 Litas or its equivalent in foreign currency.
  33. The register shall contain data of the customer identification and sums of the monetary operations. The regulations for keeping the register shall be prescribed the Government together with the Bank of Lithuania.
  34. Documents attesting monetary operations and other legal documents related to monetary operations must be preserved for ten years after the relations with the customer have ended. Article
  35. Communication of Information to the Tax Police
  36. Credit and financial institutions, other legal entities and undertakings without the status of the legal person, conducting monetary operations, must communicate to the tax police the documents of the customer identification and the information about the monetary operation if a single monetary operation or several operations conducted by the customer involve a sum in excess of 50,000 Litas or its equivalent in foreign currency. The information communicated to the tax police shall indicate the customer identification data; if the transaction has been conducted by an agent - the agent identification data; the sum of the monetary operation; 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 communicate to the tax police the data attesting the identification of the customer and the insured and the information about the monetary operation if the annual sum of the insurance premiums is in excess of 10,000 Litas or its equivalent in foreign currency.
  38. Credit institutions shall communicate to the tax police the data attesting the identity of the customer and the information about a single exchange of one currency into another if the sum of the money exchanged is in excess of 10,000 Litas or its equivalent in foreign currency.
  39. The information specified in paragraphs 1-3 of this Article shall be communicated to the tax police without delay, but no later than within three days following the day of the transaction.
  40. The information specified in paragraph 1 of this Article shall not be communicated to the tax police if the customer of a credit or financial institution is another credit or financial institution.
  41. A credit or financial institution may not communicate to the tax police the information specified in paragraph 1 of this Article if the customer’s activities involve continuous and regular monetary operations 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, in the pursuit of his occupation/trade: 1) provides legal advice, is a practising lawyer, carries out 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, 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 and alcohol products, tobacco goods; 11) is a dealer in oil products; 12) is a dealer in medicinal products. Article
  43. Activities of Customs Administration
  44. Customs administration shall undertake control of the sums of cash incoming to and outgoing from the Republic of Lithuania in a manner prescribed by the Government.
  45. Customs administration 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. Customs administration must, without delay, but no later than within three working days, notify the tax 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 of cases provided for by international agreements to which the Republic of Lithuania is a party. Article
  48. Duties of the Notaries
  49. Notaries and persons authorised to perform notarial acts, when taking acknowledgement and certifying a transaction involving a sum in excess of 50,000 Litas or its equivalent in foreign currency, must communicate, without delay, but no later than within three working days, to the tax police information specified in Article 12, paragraph 1 of this Law. Article
  50. Protection of the Information Communicated to the Tax Police
  51. The information specified in this Law which is received by the tax police may not be disclosed or communicated to other state, control or law enforcement authorities except in the cases stipulated by this Law and other laws.
  52. State institutions and their staff, credit and financial institutions, notaries and persons authorised to perform notarial acts, legal persons, undertakings without the rights of the legal person and their staff are prohibited from disclosing to their customer or other persons that the information about their monetary operations has been submitted to the tax police.
  53. Disclosure to the tax police of the information specified in this Law shall not be qualified as disclosure of industrial, commercial or bank secrecy.
  54. The anonymity of a person who has assisted in detecting violations of the implementation of the measures for the prevention of money laundering shall be guaranteed by this Law. Chapter IV FINAL PROVISIONS Article
  55. Appeal against the Actions of the Tax Police The actions of the tax police officers may be appealed against in a manner prescribed by the law. Article
  56. Damages Damages resulting from illegal actions of the tax police officers, in discharge of their duties, shall be compensated for in a manner prescribed by the law. Article
  57. Liability Officers and persons who commit a breach of the requirements of this Law shall be held liable in a manner prescribed by the law. Article
  58. Entry into Force This Law shall enter into force on January 1,
  59. Article
  60. Recommendation to the Government and the Bank of Lithuania
  61. The Government and the Bank of Lithuania shall adopt, by January 1, 1998, legal acts related to Law on the Prevention of Money Laundering.
  62. The regulations of the tax police approved by the Minister of the Interior shall have a provision that the measures for the prevention of money laundering are implemented by an independent structural unit of the tax police. I promulgate this Law passed by the Seimas of the Republic of Lithuania. Algirdas Brazauskas President of the Republic 19 July 1997 No. VIII-275

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