Since 2020 we have been actively working in relation to money laundering prevention in real estate and financial technology (FinTech) sectors in order to reduce the risk of grand corruption in Lithuania and surrounding regions.

Our research in 2020 has revealed that institutions responsible for money laundering do not have sufficient capacity or information about the extent of this problem in order to effectively prevent money laundering in the real estate sector. Specialists working in this sector also do not have sufficient knowledge or tools to recognise possible instances of money laundering. 

It is generally estimated that the amount of money laundered worldwide in one year can be as high as 800 billion to 2 trillion USD (2-5% of the global Gross Domestic Product (GDP)).

97 percent of all money laundering cases include financial institutions in at least one step of the process. The constantly increasing number of FinTech companies as well as easy access and use of their services potentially provides a favourable environment for criminal activity and legalisation of funds obtained by such means.

2021 research has shown that Lithuanian institutions responsible for supervision do not have sufficient resources to prevent quick and illegal FinTech company profiteering. The most risky financial technology companies are those working with cryptocurrencies.

• Study “Money laundering prevention in FinTech sector”, 2021 (summary in English).
• Study “Money laundering prevention in the RE sector”, 2020 (summary in English).

• “During the pandemic the extent of fraud by using FinTech companies might have increased”, 2021.
• “Anti-money laundering prevention in real estate is not effective enough”, 2020.

Insights in short:

• Infographic “Money laundering prevention in FinTech sector”, 2021.
• Infographic “Money laundering in the RE sector”, 2020.

• “Dirty money and FinTech: Time to pick up the slack”, 2022, Recording.
• “How to investigate instances of money laundering?”, 2019 (in Lithuanian).

• More information about money laundering prevention can be found on Financial Crime Investigation Service website www.fntt.lt and Money laundering prevention competencies centre website https://amlcenter.lt.