The Financial Intelligence Unit of Latvia will strengthen the knowledge of its employees on prevention of money laundering in Latvia

The main activities of the project include seminars, workshops, trainings and study visits, which are expected to increase the capacity, knowledge, and efficiency of the FIU Latvia in analysing reports received from reporting entities and compiling case materials to be sent to law enforcement authorities. 

Within the framework of this project FIU Latvia plans to organize an expert workshop concerning the latest developments related to money laundering, including such topics as, for instance, professional money laundering schemes, stand-alone money laundering, corruption, tax evasion, fraud, smuggling, terrorist financing and financing of proliferation, as well as on any new threats or modus operandi that may emerge in the future. Since new threats concerning these criminal activities are constantly emerging, it is crucial that FIU Latvia remains vigilant and up-to-date with the latest developments in the field, new red flags of the above-mentioned criminal activities, the most recent money laundering typologies in regard to the above-mentioned crimes to have the best practice in detecting and combating these crimes.

Significant activity organized by FIU Latvia will include a number of courses delivered by the International Centre for Asset Recovery (ICAR) and other experts of the field on the following indicative topics: Financial Investigations and Asset Recovery, Corruption in Infrastructure Projects and Procurement, Money Laundering Using Bitcoin as well as other topics.

Finally, FIU Latvia will have a few select employees take the Anti-Money Laundering Specialist course by ACAMS as well as Fundamentals of Risk Management Course and Advanced Risk Management Courses delivered by the Institute of Risk Management in London, United Kingdom.

The total funding of the Programme is EUR 17 647 059. The EEA Grants allocation is 85% or EUR 15 000 000, while the national allocation is 15% or EUR 2 647 059. The Programme shall be implemented until 31th of December 2024. Overall, six projects are planned to be implemented in the Programme.