Report: Latvia increases measures to better identify human trafficking in the financial sector

The report illustrates the situation in Latvia and the increased measures to address the shadow economy and to better identify human trafficking in the financial sector. The recently published strategic analysis report of the Financial Intelligence Unit of Latvia (FIU Latvia) on human trafficking and associated money laundering aims to improve private sector awareness. The document is available on FIU Latvia webpage.

“We had observed that in human trafficking cases the proceeds had been laundered in different ways, often including unregistered transactions. Unlike initially estimated, the actors in the financial sector rarely noticed the laundering in these cases. As the FIU had decided to focus on the shadow economy in 2022, we used this opportunity to educate the financial sector about human trafficking and its red flags. Furthermore, having the support of the United Nations University Finance Against Slavery and Trafficking (FAST) initiative helped us to push the topic forward,” Matīss Kļaviņš, the Deputy Head of Strategic Analysis Division and Dina Spūle, Senior Risk Analyst, Strategic Analysis Division of FIU Latvia, illustrate.

More information in the Human Trafficking – Baltic Sea Region Round-Up Report 2022.