MONEYVAL’s enhanced follow-up process concluded

16.12.2022

From 7 to 9 December 2022, the 64th MONEYVAL plenary session took place in Strasbourg, France, during which the third and final follow-up report submitted by Latvia in September on progress and attained targets in implementing the MONEYVAL recommendations was acknowledged.

The adoption of this report has led to the completion of MONEYVAL's enhanced monitoring process and no further reports are foreseen in accordance with the procedure to be submitted by Latvia.

 

We recall that in December 2019, the MONEYVAL plenary session examined the progress report on technical compliance of Latvia with information and expert assessment of Latvia's progress in improving the regulatory framework in order to comply with the 40 recommendations of the Financial Action Task Force (FATF). After evaluation of the progress report, out of a total of 40 FATF technical compliance recommendations, 7 recommendations were assessed as fully compliant and 33 as largely compliant. Thus, in December 2019, MONEYVAL assessed the normative framework of Latvia as complying with all 40 FATF recommendations and Latvia became the first Member State of MONEYVAL to meet all technical compliance standards of the FATF.

 

During MONEYVAL's 64th plenary session, discussions focused on the next stage- the 6th evaluation round. MONEYVAL is scheduled to start work on the establishment of the 6th round evaluation procedure early next year and the draft will be considered by the Member States at the MONEYVAL plenary session in May 2023. The first face-to-face visits of the 6th round assessment in the MONEYVAL Member States are expected to take place in October 2024, while the first assessment reports will be adopted at the end of 2025.

 

Follow us

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

2024-06-07

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

The FIU Latvia hosts MONEYVAL assessors training

2024-04-17

The FIU Latvia hosts MONEYVAL assessors training