The government approves a comprehensive Action Plan for implementing Moneyval recommendations 25/09/2018
Today, 25 September, the government approved a comprehensive Action Plan on the recommendations included in Moneyval’s 5th round of evaluation of Latvia’s AML/CTF system. The plan merges existing initiatives and provides a robust framework for all government institutions involved, as well as the private sector, to implement reforms identified by Moneyval’s evaluation system.
The government has set the following key priorities:
- strengthening risk-based supervision and introducing preventive measures, including management of a controlled, transparent and professional liquidation process of ABLV Bank;
- facilitating efficient exchange of information to contribute to ML investigation, harmonization of approaches and guidelines;
- providing supervisory, controlling and law enforcement institutions with adequate human resources by enhancing their analytical capability and capacity;
- introducing IT solutions for timely and efficient data management and sharing among institutions;
- improving the targeted financial sanctions system by developing a common understanding among cooperation partners about this system and the need for its operation.
The Action Plan also includes new measures to further disrupt financial crimes. The government will strengthen the legal framework for international sanctions enforcement, to make it easier to punish institutions who try to evade their obligations. Latvia will also ensure greater cooperation among intelligence institutions to identify potential violations, and commit further resources to allow law enforcement institutions to investigate cases thoroughly and promptly.
By adopting this Plan, the Cabinet of Ministers has also committed to complete the implementation of the fifth European Anti-Money Laundering Directive (AMLD5) before the set term. The issue will be submitted to the Saeima (Parliament) no later than 1 June 2019.
Latvia has already adopted a number of measures required under AMLD5 - the centralised bank account registry, the cryptocurrency regulation, the principle of transparency of the real beneficiaries and lowering of supervisory threshold of electronic money circulation by decreasing it to EUR 150.
The Cabinet of Ministers has called on all institutions of government, including the Saeima, and the private sector, to implement reforms swiftly.
The Latvian Government will continue to work in partnership with Moneyval, the European institutions and the international community to disrupt financial crimes and ensure global standards for financial sector regulation.
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