A new reporting system for submission of reports on suspicious transactions and threshold declarations to FIU Latvia

From now on, E-reporting system will be available only to the credit institutions under the liquidation proceedings. The other subjects of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (the Law) will submit reports on suspicious transactions and threshold declarations only in goAML.

Effective data exchange between FIU and SRS

Along with the implementation of goAML, the parallel reporting system under which the subjects of the Law were to submit reports on suspicious transactions in the tax area both to the Financial Intelligence Unit of Latvia (FIU Latvia) and the State Revenue Service (SRS) has been cancelled. Reports of the subjects of the Law concerning suspicious transactions in the tax area, as well as threshold declarations on inheritance of unregistered movable property submitted by the notaries to the FIU Latvia shall be immediately forwarded to the State Revenue Service (SRS).

The new regulatory framework

As of October 1 of this year, Cabinet Regulations No. 550 titled “Regulations Regarding Procedures of Submission and Content of Reports on Suspicious Transactions and Threshold Declaration” shall enter into force. The new regulations govern the procedures of submission and content of reports on suspicious transactions and threshold declarations; the procedures of obtaining and managing the user right of the Financial Intelligence Data Receipt and Analysis System (the System); as well as other matters related to the operation of the System.

About goAML

goAML methodological materials and reporting classifiers are available on the website of the Financial Intelligence Unit, under section “Reporting to FIU”.

goAML is a unique application which has been developed by the United Nations Office on Drugs and Crime and is intended directly for the work of financial intelligence units. A long-term use of goAML will let its users (subjects of the Law and other persons) to submit reports on suspicious transactions and threshold declarations effectively, as well as will eliminate the necessity for parallel reporting both to the FIU Latvia and the SRS.

 The most significant benefits of goAML implementation:

• efficient submission of reports on suspicious transactions and threshold declarations;
• a more convenient reporting on criminal offences in the tax area, preventing the parallel reporting system;
• a more effective communication between the FIU Latvia, subjects of the Law, law enforcement authorities, supervisory and control authorities.