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Ministry of Finance
of the Republic of Latvia
1 Smilsu st., Riga
LV-1919, Latvia

P.: +371-67095405
F.: +371-67095503
E-mail: pasts@fm.gov.lv
info@fm.gov.lv

The US Treasury praises the Government's efforts in straightening out the financial sector 12/04/2019

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.

The Minister stated that the Government is continuing work on straightening out the financial sector in order to strengthen the prevention of money laundering and terrorist financing and to achieve full compliance with international standards in this area.

“The Government's reform aims to strengthen the financial sector regulator and its ability to fight financial crimes, as well as improve coordination with partners to achieve an effective outcome. The common goal of the institutions that make up the Latvian financial sector is to create and guarantee a stable and secure financial sector and to ensure that the Latvian anti-money laundering system is one of the most effective in Europe,” Minister for Finance, Jānis Reirs noted during the meeting.

The Latvian government and financial sector are determined to carry out the necessary reforms to implement the recommendations of Moneyval, ensuring the stability of the Latvian financial sector and thus promoting the growth of the Latvian economy.

In line with the recommendations of international institutions, Latvia, like other countries, should strive to strengthen the connection between prudential monitoring and money laundering and terrorist financing monitoring. The reform has been fast-tracked, as it is an absolute priority for the Government. According to the Prime Minister, we must act quickly and decisively to continue the progress made in the fight against financial crime.

The Government is committed to taking immediate steps to strengthen Latvia's capacity to fight money laundering and terrorist financing, as well as to improve the regulation of the liquidation of credit institutions. Our goal is a well-supervised and controlled financial and capital market that works in the interests of the entire society. 

The Cabinet of Ministers has already approved amendments to the Finance and Capital Market Commission (FCMC) Law and the Law on Credit Institutions prepared by the Ministry of Finance. All the amendments to the regulatory enactments included in the reform package envisage significant changes in the financial sector’s regulatory institutions and will further enhance the anti-money laundering system by strengthening a competitive business environment to promote sustainable economic growth.

The Minister also stated that the Latvian financial sector’s institutions have managed to significantly reduce the risk of money laundering by prohibiting transactions with shell companies, improving access to information on beneficial owners, as well as improving the regulation of national and international sanction implementation.

The Minister's meeting with the US Treasury representative was also a preparation for Mr Billingslea's visit to Latvia in May of this year.

We remind that, from 8 to 14 April, Minister of Finance, Jānis Reirs, will participate in the spring meetings of representatives for the World Bank Group (WBG) and International Monetary Fund (IMF) in Washington, USA.

02/09/2019 20/08/2019 16/08/2019

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Latvijas Republikas Finanšu Ministrija