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Published: 11 october 2019 09:17

FNTT concerned over Brexit and see a threat in millions of fintech clients potentialy shifting to Lithuania

Finansinių nusikaltimų tyrimų tarnyba
Žygimanto Gedvilos / 15min nuotr. / Financial Crime Investigation Service

Representatives of the Financial Crime Investigation Service (FNTT) have warned members of Seimas that following the United Kingdom’s withdrawal from the European Union, millions of new finance sector clients could shift to Lithuania. Their oversight may demand more manpower than is currently available, with the scale of work growing several fold. The Bank of Lithuania stands by the position that fintech creates value and benefit to client and it is easier to oversee them if they operate in Lithuania, not when they are unsupervised abroad.

Deputy director to FNTT Mindaugas Petrauskas, who participated in a Wednesday Seimas Budget and Finance Committee meeting, informed parliamentarians that electronic monetary institutions, fintech start-ups are developing rapidly, however he questioned how much benefit was obtained and how much income tax was paid in Lithuania.

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