Banks, Financial Services, Latvia, Law and Regulations, Security

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 19:15

Credit institutions obliged to react to information about new money laundering cases reported by mass media

BC, Riga, 17.10.2016.Print version
Credit institutions will have to take relevant action every time the media report about new money laundering cases, according to the Finance Ministry's amendments to the Regulation on Unusual Transaction Indicator List and Procedure for Reporting Unusual and Suspicious Transactions, which the government's committee approved today, reports LETA.

The new requirement was originally planned to come into force on January 1 next year, however, the government committee decided that the day the amendments come into force would be specified yet.


The Finance Ministry earlier explained that the Organization for Economic Cooperation and Development listed a number of shortcomings in its recommendations for Latvia concerning prevention of money laundering. One such problem is the fact that credit institutions did not report the Office for Prevention Laundering of Proceeds Derived from Criminal Activity about money laundering cases that the mass media had written about.


As a result, the Finance Ministry proposed amending the regulations so credit institutions would report the Office for Prevention Laundering of Proceeds Derived from Criminal Activity about suspicious or unusual transactions if the media write about new money laundering cases.

 






Search site