08 Jul 2019
The head of Latvia’s bank watchdog is to step down following a move by the country’s parliament to reform the finance industry regulator as part of efforts to combat money laundering.
Latvia is under pressure to clean up its banking sector after series of scandals. Moneyval, the money laundering and terrorism financing monitoring body of the Council of Europe, is due to review the country’s efforts early next year.
Finance Minister Janis Reirs told a news conference on Friday that Peters Putnins, chairman of the Financial and Capital Market Commission, had handed in his resignation on Thursday.
Reirs said he regarded Putnins’ resignation as positive, and said it would allow “more productive” talks with Moneyval.
Latvia’s parliament in June passed a bill to tighten its control over the financial watchdog. The legislation set out duties for the regulator in combating money laundering and terrorism financing. Lawmakers also called for the appointment of a new chairman of the watchdog by October.
By Gederts Gelzis, Reuters, 5 July 2019
Read more at Reuters
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