On Wednesday, 10 April, during a working visit, the Minister for Finance, Jānis Reirs, met with the US Treasury Assistant Secretary for Terrorist Financing, Marshall Billingslea, to introduce him to the Latvian Government's financial sector control reform, the so-called “Overhaul”. During the meeting, Mr. Billingslea praised both what the Government has accomplished in such a short period and their future plans for straightening out the financial sector in Latvia.
Latvia’s Ministry of Finance took a landmark step toward the creation of a cohesive pan-Baltic capital market today, with the formal acknowledgement of the key points raised by a new assessment report.
On Friday, March 29, the Minister for Finance met with the US Deputy Chief of Mission in Latvia Paul Poletes, to discuss the cooperation between the countries and the topical issues of the financial sector. The Minister and the Deputy Chief of Mission were unanimous as to the importance of the financial sector stability both in Latvia and on an international scale.
In light of the commitment of the Government to take immediate measures for strengthening the ability of Latvia to combat money laundering and the financing of terrorism, as well as to enhance the regulation for liquidation of credit institutions, the Ministry of Finance (MoF) has prepared the amendments to the Law On the Financial and Capital Market Commission (FCMC) and the Credit Institutions Law. These draft laws are part of the 'capital repair' of the sector announced by the Prime Minister and foresee significant changes in the institutions supervising the financial sector.
On 13th of March, The Ministries of Finance of Estonia, Latvia and Lithuania commenced a joint public consultation on the Interim Report of Introduction of Pan-Baltic Covered Bond Legal and Regulatory framework (The Interim Report). The Interim Report, prepared in cooperation within the European Bank for Reconstruction and Development (EBRD), reflects views of experts of the Ministries of Finance of Estonia, Latvia and Lithuania.
In light of the stipulation of the Governmental Action Plan to take immediate measures for strengthening the ability of Latvia to combat money laundering and financing of terrorism, as well as to enhance the regulation for liquidation of the credit institutions, the Ministry of Finance (MoF) will propose the amendments to the Law On the Financial and Capital Market Commission (FCMC) and the Credit Institutions Law. Draft laws providing for significant change in the supervisory authorities of the financial sector are expected to be passed for review to the government within the nearest future.
On March 7, the Minister for Finance Jānis Reirs met with the Vice-President of the European Investment Bank Alexander Stubb and discussed the topicalities of cooperation between Latvia and the EIB, including the EIB funding for the projects in Latvia, progress of the InvestEU proposal and the impact of Brexit on the EIB.
On 4th of March governors and alternate governors of the Nordic and Baltic countries will meet the US nominee for selection of the next president of the World Bank. The nomination process runs until 14th of March. So far, the US is the only country to have made public its nomination. The meeting is part of a string of meetings that Malpass has with European governors.
On Wednesday, February 27, the World Bank published the study, analysing the law of 187 countries of the world in the field of gender equality. Latvia ranks among the six economies of the world, getting the maximum score in the index regarding ensuring equal economic opportunities for women.
Following today's meeting of the Financial Sector Development Council, Prime Minister Krišjānis Kariņš announced the decision to implement a substantial financial sector control reform and tasked the Ministers for Finance, Justice and the Interior with drawing up a legislative package by 26 March to be put to the Cabinet of Ministers.
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