aA
The Lithuanian parliament's Committee on Budget and Finance (CBF) decided on Wednesday to propose that the Seimas ask a special government commission to look, for the third time, at whether the UK-based fintech startup Revolut meets national security interests.
Nikolajus Storonskis
Nikolajus Storonskis
© DELFI / Andrius Ufartas

The CBF also approved a list of preliminary questions that the Commission for Coordination of Protection of Objects of Importance to Ensuring National Security should take into consideration in its assessment of Revolut's compliance.

The majority of CBF members backed the move, with only two conservative MPs - Mykolas Majauskas and Andrius Kubilius - voting against and Liberal MP Kestutis Glaveckas abstaining.

The commission has already twice ruled that Revolut poses no threats to national security,

According to the CBF, however, the commission failed to properly discuss the opinion of the Financial Crime Investigation Service, which views Revolut's operations as risky. The committee also draws the commission's attention to the fact that the father of Revolut's founder is close to Russia's authorities, saying this may make the company politically vulnerable and threaten the Lithuanian financial system's stability.

Among other things, the committee also recommends that the commission took into consideration international media reports about Revolut and the British financial services supervisor's ongoing probes regarding the startup.

The CBF also underlines that Revolut's risk management already requires disproportionate resources from Lithuanian authorities and will continue to do so in the future.

"In my opinion, an investor like Revolut is completely inappropriate," CBF Chairman Stasys Jakeliunas of the ruling Lithuanian Farmers and Greens Union (LFGU) said, adding that the firm's reputation is "inappropriate" and its management competencies and systems are "unacceptable".

Revolut Bank plans to start operating as a specialized bank in the first half of 2019.

Marius Jurgilas, a member of the Bank of Lithuania's board, has said several times that the central bank assessed not only financial risks, but also challenges to national security and political and geopolitical risks, before issuing the license to Revolut.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Palanga Airport is preparing for reconstruction: runway and parts of apron to be renewed

Palanga Airport is preparing for an important reconstruction in the autumn of 2021, as the runway of...

Skvernelis sees EU's proposed emission cut target as achievable (1)

The European Commission 's proposal to cut greenhouse emissions in Europe by 55 percent by 2030 is...

Lithuania mulls allowing third-country businesses open e-money accounts

Lithuania is considering facilitating conditions for Belarusian businesses to move to Lithuania...

Lašas: engineering students have many opportunities in space

Students that choose technological sciences are welcome in many companies, including space technology...

Lithuania and US agree to rigorously evaluate 5G equipment suppliers

Lithuania and the United States have signed a joint declaration and agreed to step up cooperation...

Top news

Mandatory testing for all new hospital patients ordered visits tightened

The Lithuanian government is planning to reintroduce mandatory coronavirus testing for patients on...

Survey: President's popularity up, Health minister's down

Lithuanian President Gitanas Nauseda has seen his popularity rating grow in recent months, whole...

PM: some mass gatherings to be banned as of October

In response to a recent spike in coronavirus infections, the Lithuanian government is planning to...

President: COVID-19 numbers are growing everywhere but Lithuania is better-prepared

The number of coronavirus cases is growing in all countries, and Lithuania is this time better...

70 new coronavirus cases

On Sunday 70 new COVID-19 cases were detected in Lithuania . It adds to 3814 confirmed coronavirus...

|Maža didelių žinių kaina