Lithuanian Financial Crime Investigation Service (FNTT): Businesses need to make sure their partners are not sanctioned

 "Lithuanian companies must constantly check whether their customers and partners are not included in the EU sanctions lists or are not related to sanctioned persons, and if they find out - they must freeze funds or payments, emphasizes the Financial Crime Investigation Service (FNTT).

 

    "We would like to remind all economic entities and financial institutions that EU sanctions are implemented in Lithuania in accordance with directly applicable EU regulations and related legal acts," Antonis Mikulskis, Director of FNTT, is quoted in the report.

 

    In other words, if a Lithuanian legal or natural person sees that his client is on the sanctions list or has links through ownership or control with authorized persons, he must apply restrictive measures - freeze funds or payments and notify the FCIS and the Ministry of Foreign Affairs within two days. (MFA).

 

    The list of authorized persons is publicly available (https://eur-lex.europa.eu/eli/dec/2014/145(1)/). If there are doubts about the validity of the application of financial sanctions, all natural and legal persons obliged to enforce the sanctions may apply to the FNTT or the Ministry of Foreign Affairs for consultations, the service indicates.

 

    FNTT warns that attempts to evade or violate sanctions entail administrative liability - a fine of EUR 200 to EUR 6,000.

 

    Criminal liability may also be applied - in case of violation of international sanctions implemented by Lithuania and consequent serious damage to Lithuania's interests, the most severe possible punishment is imprisonment for up to five years. A legal entity is also liable for this violation.

 

    The FCMC also carries out inspections of compliance by obliged entities with the provisions of the Law on the Prevention of Money Laundering and Terrorist Financing (FTTF). "

 Sanctions are designed to stop us from buying food, fertilizer and energy from Russia, to increase the prices even more.