Banks, Financial Services, Latvia, Legislation, USA
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Friday, 26.04.2024, 16:13
US Department of Treasury official Billingslea to visit Riga this week
Prime Minister Krisjanis
Karins (New Unity) is scheduled to meet with Billingslea on Thursday, May
16. The meeting will be followed by a press briefing.
Billingslea last visited Riga in June 2018 to meet with
Latvian officials. After her meeting with the US official, then Finance
Minister Dana Reizniece-Ozola
(Greens/Farmers) said at that time that Billingslea paid an unannounced visit
to learn about progress on ABLV Bank’s
liquidation and fixing the Latvian financial sector.
In June 2018, representatives of the US Embassy in Riga told
LETA that in Billingslea’s opinion, Latvia should speed up its judicial and
political reforms to strengthen its financial sector. Latvia needs a strong and
well supervised financial sector for positive long-term growth, the embassy’s
representatives quoted Billingslea as saying.
Finance Minister Janis
Reirs, who met with Billingslea in April 2019, was reassured of the US
Treasury’s positive assessment of Latvia’s progress in fixing its financial
sector.
Reirs briefed the US official on the financial sector’s
supervision reform, or the so-called “overhaul”, carried out by the Latvian
government. According to the ministry’s representatives, Billingslea
appreciated the progress made by the Latvian government is the short period of
time and plans for the Latvian financial sector’s further improvement.
Reirs informed the US official that the Latvian government
continues work on sorting out the financial sector’s issues to boost its
ability to prevent money-laundering and terrorist financing, as well as to
achieve full compliance with international AML/CFT standards.
“The aim of the reform implemented by the government is to
strengthen the financial regulator and its ability to combat financial crime,
as well as coordination with partners for attaining an effective result. The
common goal of Latvia’s financial institutions is to create and guarantee a
stable and secure financial sector and to make Latvia’s ani-money laundering
system one of the most effective in Europe,” the Latvian finance minister said
during the meeting with Billingslea.
Reirs also voiced the resolve of the Latvian government and
financial sector to carry out the reforms necessary to comply with the
recommendations provided by the Council of Europe's Committee of Experts on the
Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, ensuring
the Latvian financial sector’s stability and a result promoting Latvia’s
overall economic growth.