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Thursday, 18.04.2024, 01:35
Latvian government approves action plan for implementation of Moneyval recommendations
The government supported an all-embracing action plan for implementation of recommendations following Moneyval's fifth round of the evaluation of Latvia's Anti-Money Laundering and Terrorist Financing (AML/CTF) system, said Snore.
The main priorities listed in the action plan include enhancing risk-based supervision and introduction of preventive measures, including controlled, transparent and professional management of the ABLV Bank liquidation process, effective information exchange among the investigative authorities, ensuring the required human resources for the supervisory authorities to increase their analytical capacity, development of IT solutions for timely and efficient data management, improvements in the system of financial sanctions, and others.
Snore pointed out that Latvia had already adopted a number of requirements stated in the Fifth AML Directive: centralized register of bank accounts, regulations on virtual currencies and beneficial owners, reduced thresholds on digital currency transactions, and others. The action plan that the Cabinet of Ministers passed today stipulates full transposition of the Fifth AML Directive before the deadline, by reviewing and forwarding to Saeima all the relevant documents by June 1 next year.
As reported, Moneyval has placed Latvia in enhanced follow-up procedure because of the number of Low and Moderate ratings awarded for Effectiveness. Two areas were considered to have low levels of effectiveness - relevant beneficial ownership information and preventing proliferation financing.