On August 30th, Latvia has submitted its update report to MONEYVAL – the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering and the Financing of Terrorism. The technical report includes detailed evidence that the joint efforts of the Latvian government and Parliament, as well as the supervisory authorities, the FIU and law enforcement agencies are yielding tangible results.
On 8th August 2019 the new cooperation project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova” implementation started. High-level internal audit experts of the Ministry of Finance of Latvia will share their experience and practice on Performance Auditing and Auditing of the Information and Communication Technology Governance in order to strengthen internal control system and internal audit and to develop internal audit methodology of the Republic of Moldova.
On 15 August, the European Central Bank (ECB), as the direct supervisor of AS PNB Banka, has resolved to recognise this bank as an institution failing or likely to fail. European Single Resolution Board has resolved not to take measures to stabilise the activities of the bank. The Board of the Financial and Capital Market Commission (FCMC), at an extraordinary meeting, has adopted a decision to suspend the rights of AS PNB Banka to provide financials services.
On Thursday, 4 July, Pēters Putniņš, Chairman of the Financial and Capital Market Commission (FCMC), and Gunta Razāne, Deputy Chairwoman of the FCMC, submitted information to the Chairperson of the Saeima (the Parliament) about their resignation, in accordance with the provisions of the Law On FCMC. It should be emphasised that the FCMC has to continue working in accordance with the objective determined for it - to promote the protection of interests of investors, depositors and insured persons and development and stability of the financial and capital market, as well as the prevention of money laundering and terrorism and proliferation financing.
On Wednesday, June 5, the conference "Towards Effective Prevention and Combating of Money Laundering" was held in Riga. It was organised as the closing event of the "Anti-Money Laundering Training Programme", which has been implemented since 2017, in cooperation with the Structural Reform Service of the European Commission and the Fiscal Information and Investigation Service of the Netherlands (FIOD -Fiscale inlichtingen- en opsporingsdienst). The Training Programme was specifically developed to strengthen the capacity of the law enforcement, judicial system, supervisory authorities and other competent institutions of Latvia in the field of mitigation of money laundering risks.
The opening event for the third season of the #FraudOff! anti-fraud movement is planned for Wednesday, 24 April, with a press conference and a discussion. The goal of this social information campaign is to expand knowledge of fraudulent activities, illegal business and other practices among the general public, also drawing attention to the negative consequences that such phenomena have on the prosperity of the country as a whole and every individual in particular.
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.
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