Banks, Financial Services, Latvia

"The fact that Latvia was not included in the so-called grey list is a very important signal. Latvia has proved its capabilities in the fight against financial crimes," she said.

She also noted that a new framework has been developed, improving the regulations, and it is the foundation on which further development can be based.

"We understand very well that a development is possible when the basic things are in order. A significant progress has been achieved in relation to preventing financial crimes and money laundering. We have reached the time when this can be used as the foundation for further development," said Bajare.

She said that the second biggest event in this area which had fallen in the shadow of the announcement that Latvia has not been included in the grey list, is upgrade of Latvia's credit rating.

"S&P credit rating agency for the first time ha upgraded Latvia's credit rating to A+ level. It is a significant signal, and both these event are related," said Bajare.