FIU Latvia and Latvijas Banka implement knowledge development activities under an EEA grant project

FIU Latvia and Latvijas Banka received support under the EEA Grants for the implementation of the project "Improvement of Employee Knowledge in Combating Money Laundering in Latvia". The aim of the project was to improve the overall institutional capacity of the authorities responsible for the supervision of financial institutions, financial intelligence and investigations - law enforcement authorities - through face-to-face and online training, workshops, exchange visits and conferences. Also, to raise public awareness on combating money laundering (AML).

During the project, FIU Latvia has organised two international conferences on topical issues such as virtual assets and sanctions. They brought together speakers and stakeholders from both Latvia and abroad - around 300 participants in person and around 1000 participants online. The project co-funding enabled FIU Latvia representatives to obtain internationally recognised ACAMS (Association of Certified Anti-Money Laundering Specialists) certification in areas such as AML, sanctions and crypto-assets. To enhance general knowledge, the online courses also develop the management skills, IT knowledge, communication skills and other abilities of FIU Latvia experts, under the guidance of international lecturers, which contribute to the FIU Latvia's ability to work in an increasingly modern way as an institution and to the country's capacity to effectively tackle AML.

The project partner, Latvijas Banka, with the support of an EEA grant, organised a training seminar on financial crime prevention monitoring in the crypto-asset service provider segment. Under the guidance of an international crypto-asset expert, the seminar trained more than 30 representatives from Latvijas Banka and FIU Latvia. In addition, representatives of Latvijas Banka have strengthened and proved their knowledge in AML by obtaining ICA (International Compliance Association) certificates. Taking advantage of the opportunities provided by foreign exchange trips, the experts of Latvijas Banka visited the supervisory authorities of Ireland, the Netherlands, the Czechia, Cyprus and France, where they gained valuable experience in risk management, identified the risk factors and impact of various areas in the control systems of financial institutions, as well as acquired international contacts that provide opportunities for operational exchange of information in their daily work.

The foundation of effective financial system security is not only educated experts, but also a knowledgeable and intelligent public. With the support of EEA Grants, FIU Latvia and representatives of Latvijas Banka have participated in various events, such as the "LAMPA 2022" and "LAMPA 2023" talk festivals, raising public awareness on financial fraud, money mules, implementation and enforcement of sanctions.

A video illustrating the project's work can be found HERE. For more information on the project, see the "Projects" section of the FIU Latvia website and the "AML/CFT" section of Latvijas Banka website.

EEA Grants 2014-2021 Programme "International Police Cooperation and Combating Crime" Project No EEZ/FID/2021/6 "Improvement of Employee Knowledge in Combating Money Laundering in Latvia". The project ran from 11 February 2023 to 30 April 2024. The total project funding amounted to EUR 267 235, of which 85% EEA grant funding and 15% national co-financing. Information on EEA grants: www.eeagrants.lv. Working together for secure and competitive Europe!