The Financial Intelligence Unit of Latvia is an independent authority supervised by the Cabinet of Ministers; it’s responsibility lies with prevention of money laundering in Latvia, with the goal of eliminating the possibility of using the Latvian financial system to launder money or finance terrorism.
The main task of the Financial Intelligence Unit of Latvia is to collect and analyse financial data, reports of suspicious transactions, in order to hand this information over to Latvian law enforcement authorities to investigate cases of money laundering and terrorism and proliferation financing.
The activities of the Financial Intelligence Unit of Latvia are regulated by the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, as well as other national laws and regulations, EU regulations and international standards.
Advisory Board of the Financial Intelligence Unit of Latvia
The establishment of the Advisory Board of the Financial Intelligence Unit of Latvia is specified in Chapter XI of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing.
Its objective is to support the activities of the Financial Intelligence Unit of Latvia and to coordinate its cooperation with pre-trial investigation authorities, prosecutor’s office, courts and reporting entities.
Duties of the Advisory Board:
- coordinate the cooperation of governmental institutions, reporting entities and the supervisory and control authorities thereof in the fulfilment of the requirements of Law;
- to develop recommendations for the fulfilment of the obligations of the Financial Intelligence Unit of Latvia provided for the Law;
- prepare and submit to the Financial Intelligence Unit of Latvia recommendations for amending the content of threshold declarations;
- submit proposals for improving the work of the Financial Intelligence Unit of Latvia;
- examine the information regarding activities in the field of prevention and combating of money laundering and terrorism and proliferation financing, including on those carried out in the previous year which are related to supervision and control of the reporting entities and also the quality of reports provided on suspicious transactions;
- request the institutions that are members of the Advisory Board to provide information regarding their activities in the field of prevention of money laundering and the financing of terrorism and proliferation, and to review such information; share information about the risks, tendencies and cases of money laundering and the financing of terrorism and proliferation within the Advisory Board; provide recommendations for improving the activities of these institutions;
- inform the Financial Sector Development Board of the global tendencies in the field of money laundering, and terrorism and proliferation financing, and of the impact of these tendencies on the national level.
Members of the Advisory Board include representatives from the Ministry of Finance, Ministry of the Interior, Ministry of Justice, State Revenue Service, Bank of Latvia, Finance and Capital Market Commission, Latvian Insurers Association, Latvian Association of Certified Auditors, Council of Latvian Sworn Notaries, Supreme Court, and Prosecutor General.