MONEYVAL 6th round evaluation visit to Latvia

Opening of the visit and participants

The official opening event took place at the Prosecutor’s Office in Riga, where attendees were addressed by the Prime Minister of Latvia Evika Siliņa, Prosecutor General Juris Stukāns, and President of Latvijas Banka Mārtiņš Kazāks. In their introductory remarks, the officials emphasized Latvia's achievements in strengthening its financial system and adhering to international standards, as well as the importance of this visit for the country’s international reputation.

The assessment team is composed of experts from MONEYVAL and FATF with extensive experience in legal, financial, and law enforcement fields, as well as representatives from the MONEYVAL and FATF Secretariats.

Engagement with a wide range of stakeholders

During the on-site visit, the MONEYVAL assessment team met with representatives of Latvia’s public and private sectors, including the Financial Intelligence Unit, law enforcement agencies, the Prosecutor's Office, supervisory and regulatory authorities, ministries, and members of the judiciary.

The meetings provided the assessment team with an in-depth understanding of Latvia's AML/CFT/CPF system and its effectiveness, serving as a basis for the evaluation of the country's AML/CFT/CPF systems effectiveness and compliance with international standards.

Importance of the MONEYVAL mutual evaluation

The MONEYVAL 6th round evaluation and its on-site visit are of a great significance as they will provide an assessment of the financial sector reforms Latvia has implemented following the previous evaluation by MONEYVAL in 2018.

After the 2018 MONEYVAL mutual evaluation report, which highlighted serious systemic deficiencies, Latvia undertook extensive reforms to ensure the effectiveness and compliance of its AML/CFT/CPF system with FATF standards. These reforms included among other measures improvements to the legal framework, strengthening Latvia’s institutional capacity, and enhancing inter-agency cooperation.

A positive assessment of the reforms would not only reinforce Latvia’s international reputation but also boost trust in the country’s financial system, creating a secure environment for business and investment.

Next steps

Latvia’s 6th round evaluation report will be adopted in June 2025 at the joint MONEYVAL and FATF plenary meeting, with over 600 representatives from MONEYVAL, FATF, and FATF global network jurisdictions.

This report will provide a comprehensive assessment of Latvia's AML/CFT/CPF system and its compliance with FATF standards, as well as recommendations to ensure continued effectiveness of the AML/CFT/CPF system.