Financial Services, Latvia, Legislation, Markets and Companies

Cartels rank among the most significant competition problems in Latvia, as the Competition Council's senior official Ieva Smite-Antonenko told LETA.

For businesses, the leniency program is highly important - it offers anonymity to the first cartel member that reports the cartel, as well as complete immunity from fines and bans on participation in procurement procedures, while companies that cooperate and provide evidence during investigation are eligible to fine reductions, said Smite-Antonenko.

Anyone who has information about possible violations of the Competition Law can report the violations to the Competition Council, including with the help of an anonymous reporting form on the council's website.

At the same time, the Competition Council has developed a self-assessment tool for businessmen to help them ascertain whether, due to negligence or insufficient knowledge, they have entered into a cartel agreement with competitors, which is the most serious infringement of the Competition Law, said Smite-Antonenko.