Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Sunday, 23.02.2020, 15:22

Finance Latvia Association considers Moneyval report a very positive signal

BC, Riga, 22.01.2020.Print version
The assessment provided by experts at the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) can be considered a very positive signal, the association's board chairperson Sanita Bajare told LETA.

At the same time, she indicated that Latvia has to keep working on reforms, promoting the development of compliance culture and financial literacy, as well as paying attention to issues concerning the financial sector's development. 


As reported, Moneyval has re-rated Latvia on eleven recommendations, according to Moneyval's latest report.


Moneyval now considers that Latvia is largely compliant with Moneyval recommendations in areas such as targeted financial sanctions related to terrorism and terrorist financing, targeted financial sanctions related to proliferation, non-profit organizations, customer due diligence, customer due diligence in designated non-financial businesses and professions, regulation and supervision of financial institutions, regulation and supervision of designated non-financial businesses and professions, cash couriers, extradition and other forms of international cooperation.


As reported, Moneyval has placed Latvia in an enhanced follow-up procedure.

Moneyval plenary reviewed Latvia's progress report on implementation of the recommendations last December in Strasbourg.






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