Latvia submits technical report on implementation of Moneyval recommendations, demonstrating significant changes in financial sector
02 Sep 2019

Latvia has submitted a technical report on implementation of recommendations from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), demonstrating significant changes in the financial sector.

The State Chancellery reported that Latvian has sumbited a progress report on implementation of Moneyval recommendations, included in the fifth round evaluation on improvement of the anti-money laundering and combating financing of terrorism (AML/CFT) system along with detailed description on results of the work of co-responsible institutions, especially the government and the parliament.

“With this report we a sending a clear message that the financial sector has been and will be the priority of the Latvian government. We will not have any tolerance to money laundering and use of the Latvian financial system. The report on technical implementation of recommendation prove that much has been done. We do not plan to stop because we understand that we have to be on alert and follow development of all risks in the international financial system,” said Latvian Finance Minister Janis Reirs (New Unity).

“Fight against financial crimes my priority, being the interior minister. Money laundering is not a problem just in Latvia, but the whole world,” said Interior Minister Sandis Girgens (KPV LV).

The report says that in October 2018, the Latvian government adopted an action plan for implementation of Moneyval recommendation, which was followed by the government’s plan about “overhaul of the financial sector”, adopted in February 2019, with a goal to strengthen the financial sector regulator, improve coordination among engaged partners in order to achieve efficient results.

Read more at The Baltic Times

Photo: karel291 [CC BY 3.0], via Wikimedia Commons

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