EU – Baltic States, Financial Services, Latvia

FKTK said that they have checked information about as if troubled exchange of information on SWIFT network, and Latvian banks confirmed that all processes are being carried out as usual. The SWIFT regional representation informed Latvian authorities that the organization has no information abut SWIFT decision to draw a list of high risk countries.

“Before making public statements, it is important to understand what SWIFT is. It is an organization that ensures communication network services to banks for information exchange – this process takes up several seconds. SWIFT has not and will not carry out any anti-money laundering probes and screening on behalf of banks and does not withhold payments to probe them. The institutions responsible for the sector confirmed that the information exchange both on the regional level and internationally has not been interrupted and is carried out as usual,” said Putnins.

“I call on everyone who plans to publish information that may harm the country’s international reputation, or is related to such sensitive sector as financial sector and its stable operations, check every report before commenting on it. Irresponsible statements on unchecked facts make a false impression about our country, the Latvian banking sector and the work done in strengthening international reputation of the Latvian financial sector,” said Putnins.

As reported, Latvian Finance Minister Dana Reizniece-Ozola (Greens/Farmers) said at the Saeima budget and finances (taxes) committee meeting on Tuesday that Latvia has been included in the high risk zone in the international SWIFT system. “If earlier international transaction were carried out in a day, now they often take a week because SWIFT is conducting additional probes,” she said.