The FCIS: In 2024, over 82 thousand reports on suspicious transactions were received, sanctions circumvention schemes became apparent
In 2024, the Financial Crime Investigation Service (the FCIS) received 82.3 thousand reports on suspicious monetary transactions or transactions (STRs) from financial institutions, other obliged entities and foreign financial intelligence units (FIUs). This is almost 1.2 times less than in 2023 (the number of STRs in 2023 was 98,588).
"The issues of money laundering and terrorist financing risks and their management remain a priority for both the FCIS and the state. The number of STRs received has remained high for several years, which shows that financial institutions and other obliged entities take money laundering prevention seriously; however, there are still many areas for improvement," says Rolandas Kiškis, Director of the FCIS.
The majority of STRs came from banks and their branches. In 2024, as many as 1.2 times more STRs were received from virtual currency operators than in 2023, and STRs from companies organizing gambling and lotteries also increased - in 2023 - 206 of them were received, and in 2024 - 541.
According to R. Kiškys, among the entities obliged to submit such reports to the FCIS, there are those who do not submit a single report for several years in a row. These are lawyers, real estate agents (brokers), consumer credit and leasing companies, crowdfunding and peer-to-peer lending platforms, persons engaged in the trade of precious metals and gemstones, and persons engaged in the trade of precious metals and gemstones.
Inspections and enforcement measures
In 2024, 18 inspections of obliged entities were carried out, including 11 companies that carried out the activities of virtual currency money operators and virtual currency exchange operators (VASP providers).
The Commission for the Investigation of Violations of the Law on the Prevention of Money Laundering and Terrorist Financing operating at the FCIS examined the materials of inspections of 11 obliged entities in 2024. After examining these materials, the companies were imposed sanctions - fines from 3.5 thousand euros to 1.06 million euros. One warning was also issued. The total amount of fines imposed on other obliged entities in 2024 for violations of the Law on the Prevention of Money Laundering and Terrorist Financing is more than 1.8 million euros, of which the amount of fines already paid to the state budget is almost 14 thousand euros.
More reports of sanctions circumvention
Last year, there were significantly more STRs related to European Union (EU) sanctions on entities/export restrictions on goods to Russia or Belarus or potential attempts to circumvent European Union sanctions – 305 (2023 – 193).
The content of suspicious transaction reports in 2024 is dominated by recurring scenarios of sanctions circumvention. As in 2023, last year, attempts to circumvent sanctions were made by selling luxury vehicles.
Sanctions circumvention also prevails by selling potentially dual-use goods and technologies, establishing new subsidiaries in third countries or maintaining relationships with intermediaries in order to circumvent sanctions on goods from Russia. In order to avoid existing sanctions, data is hidden, documents are falsified or altered, real estate owned by Russians is sold through intermediaries, ownership is transferred in order to avoid confiscation of the property of a sanctioned person, etc.
In implementing international financial sanctions, the FCIS granted 392 exceptions or permits not to apply restrictions and obligations specified in the legal acts establishing international sanctions, consulted natural and legal persons, state institutions on the implementation of international sanctions, organized trainings, etc. 66 reports were received from financial institutions about possible cases of circumvention or evasion of sanctions, analyses were conducted on 23 reports, and some of the reports were forwarded to other competent institutions in Lithuania and the EU.
Read more about the prevention of money laundering and terrorist financing in the FCIS Money Laundering Prevention Board 2024 report here.
Last updated: 09-06-2025
Related news:
The FCIS fines virtual currency operator a record fine of almost €9.3 million
Preventing money laundering: fines for infringements of the law total almost EUR 900,000
International training in Lithuania to strengthen financial security in the Baltic Sea Region
Nine suspects detained in probe into €4 million fraud involving Covid-19 equipment