Financial Integrity Newsletter – June edition

FIU Latvia's 2023 in Review

Explore new leadership, responsibilities, and achievements that defined 2023 for FIU Latvia. The focus has shifted from banks under liquidation to current local crime risks, resulting in a decrease in frozen funds.

Interview with Laima Letiņa

Chief State Notary of the Register of Enterprises discusses the registry's role in the anti-money laundering system and its plans for the future.

Paulis Iļjenkovs on FIU Latvia's first month as the competent sanctions authority:

There is a clear and significant level of public
interest, particularly regarding sectoral sanctions,
which underscores the necessity of having a
centralized authority to address these issues
effectively.

Highlights in This Issue:

• OECD: Latvia has one of the best anti-corruption strategies.
• New Bank of Latvia Guidelines: enhancing sanctions screening.
• FIU Latvia's Informative Campaign: raising awareness about money laundering.
• New Sanctions Directive: the European Parliament’s move to standardize penalties for sanction violations.
• Instant Payments Regulation: the new EU regulation ensures immediate transfers across the EU and EEA, with new anti-fraud measures to enhance security.

Foreword by Rihards Kozlovskis, Minister for Interior

Strengthening Latvia’s internal security amidst geopolitical challenges, including Russia’s war in Ukraine. The focus is on developing the eastern border and enhancing capabilities to combat money laundering and terrorism financing.

FIU Latvia's Goals for 2024:

• Prepare for the MONEYVAL 6th evaluation round.
• Enhance capabilities for sanction implementation and intelligence analysis.
• Conduct public and industry informative events.

Financial Integrity Newsletter