Banks, EU – Baltic States, Financial Services, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 02.07.2020, 11:52

FATF decides not to add Latvia to its "grey list"

BC, Riga, 21.02.2020.Print version
The Financial Action Task Force (FATF) has decided not to put Latvia under increased monitoring, which means it will not be added to the so-called "grey list" of countries failing to properly combat money laundering and terrorist financing, LETA was told at Prime Minister Krisjanis Karins' (New Unity) office.

FATF decided on Latvia's inclusion or non-inclusion in the "grey list" at its plenary session, which took place in Paris this week. FATF "greylists" countries showing strategic flaws in combating money laundering and the financing of terrorism.

FATF concluded at the plenary session that Latvia has developed a strong and resilient system for combating financial crimes and that the country therefore will not be put under increased monitoring, or on the so-called "grey list".

With this decision, Latvia has become the first member state under the supervision of the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) to successfully implement all 40 FATF recommendations. Moneyval is an associated member of FATF.

FATF's regional institution Moneyval will now be monitoring Latvia's further progress.

There are currently 12 countries, including Iceland, on the FATF "grey list".

Members of FATF

Search site