Latvia – the first country to be assessed according to the new international financial compliance standards

This is the leading international assessment in the field of anti-money laundering, countering the financing of terrorism and proliferation, which allows countries to strengthen their anti-money laundering systems, thereby also strengthening the national economy and ensuring a fair business environment.

"We have eliminated high risks in the financial sector, and Latvia is a safe and reliable country for investment. This is also confirmed by Latvia's choice to be among the first countries to be assessed according to the new FATF standards. We are pleased that the government's targeted work has yielded results," says Prime Minister Evika Siliņa about what has been achieved.

"The publication of the report in December will provide a detailed insight into how Latvia complies with international standards – how effective the country's anti-money laundering system is. The results of the assessment will be an important indicator of Latvia's international reputation and future cooperation in the financial sector," explains Toms Platacis, Head of the Financial Intelligence Unit (FID).

"Latvia has done significant work by purposefully implementing reforms that have made the country's financial system more transparent, stable and reliable. Following the 2018 crisis in the financial sector, supervision of the financial sector has been strengthened, eliminating opportunities for illegal cash flows. This has also been recognised by global experts. We are no longer a regional financial centre based on non-resident cash flows. We are a reliable partner in the fight against money laundering, terrorist financing and the circumvention of European Union sanctions," emphasizes Minister of Finance Arvils Ašeradens.

"Thank you to Latvia's supervisory and law enforcement institutions – the Financial Intelligence Unit, the Bank of Latvia, the Ministries of Finance, Justice, Foreign Affairs and the Interior, and others – for their joint efforts in strengthening the country's financial system and restoring the confidence of global experts. We eagerly await the publication of the assessment."

Latvia was the first country to apply for the 6th round of MONEYVAL assessment, which was carried out in accordance with the new FATF methodology, thus confirming the country's strategic goal of restoring and strengthening its reputation in the international financial system. Following the previous report, Latvia made changes to ensure the effectiveness of its anti-money laundering system and its compliance with FATF standards. The changes also included improving legislation, strengthening institutional capacity and improving inter-institutional cooperation.

To ensure that preparations for the assessment were carried out in an effective and coordinated manner, an inter-institutional working group was set up in July 2023 by order of the Prime Minister, under the leadership of the FID. Eighteen institutions are involved in its work, including ministries, supervisory and control authorities, law enforcement agencies and judges.

Latvia is committed to continuing to implement the recommendations, ensuring that society benefits in the long term from a secure, transparent and fair financial system. The report is not yet publicly available, as the final quality control and coordination stages are being carried out in accordance with the MONEYVAL 6th round evaluation procedure. The report is expected to be published at the end of the year.

Follow the latest updates on the website (www.fid.gov.lv) and our LinkedIn profile, where more detailed information will be provided at the time of the announcement's publication.

The FATF (Financial Action Task Force) is an international organisation that sets and monitors standards for the prevention of money laundering, terrorism and proliferation financing (AML/CFT/CPF).

MONEYVAL (Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a committee of experts of the Council of Europe that assesses member states in accordance with FATF standards.