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Tuesday, 23.04.2024, 21:28
Latvia makes progress in strengthening measures to tackle money laundering and terrorist financing
MONEYVAL decided that Latvia will remain in enhanced
follow-up process and will continue to report back on further progress to
strengthen its implementation of AML/CFT measures.
As a result of Latvia's progress in strengthening its
framework to tackle money laundering and terrorist financing since its mutual
evaluation report in July 2018, MONEYVAL has re-rated the country on ten
Recommendations originally rated as "partially compliant" and one
Recommendation originally rated as "largely compliant".
Latvia was placed in an enhanced follow-up process,
following the adoption of its mutual evaluation report, which assessed the
effectiveness of Latvia's anti-money laundering and counter-terrorist financing
(AML/CFT) measures and their compliance with the Recommendations by the
Financial Action Task Force (FATF).
In line with MONEYVAL's rules of procedure, country has
reported back on the progress it has made to strengthen its AML/CFT framework.
This follow-up report analyses Latvia's progress in
addressing the technical compliance deficiencies identified in the mutual
evaluation report.
Reflecting this progress, MONEYVAL has re-rated Latvia on
Recommendations 6 (targeted financial sanctions related to terrorism and
terrorist financing), 7 (targeted financial sanctions related to
proliferation), 8 (non-profit organisations), 10 (customer due diligence), 22
(DNFBPs: customer due diligence), 26 (regulation and supervision of financial
institutions), 28 (regulation and supervision of DNFBPs), 32 (cash couriers),
39 (extradition) and 40 (other forms of international cooperation) as
"largely compliant".
MONEYVAL has also examined the implementation of new
requirements relating to FATF Recommendations which have changed since the
mutual evaluation report was adopted (notably Recommendations 2, 18 and 21).
The ratings for Recommendations 18 (internal controls and foreign branches and
subsidiaries, rated "largely compliant") and 21 (tipping-off and
confidentiality, rated as "largely compliant") remain unchanged. The
rating for Recommendation 2 is now re-rated as "compliant".
Latvia is now "compliant" on seven of the 40 FATF
Recommendations and "largely compliant" on 33 of them.
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