The FIU Latvia has published the Annual Report of 2019

Among other things, strengthening the operational independence of the FIU Latvia from 1st of January, 2019 and obtaining the status as a leading institution with an aim to eliminate the possibility to use financial system of Latvia for money laundering, financing of terrorism and proliferation from 29th of June, 2019 can be mentioned as major challenges. Also, in 2019, the FIU Latvia was the leading institution of the Latvian delegation which was established to implement the recommendations of Moneyval and FATF experts. The full report ir available here. 

Year 2019 for the FIU Latvia was significant with several important achievements and adjustments.  Among other things, strengthening the operational independence of the FIU Latvia from 1st of January, 2019 and obtaining the status as a leading institution with an aim to eliminate the possibility to use financial system of Latvia for money laundering, financing of terrorism and proliferation from 29th of June, 2019 can be mentioned as major challenges. Also, in 2019, the FIU Latvia was the leading institution of the Latvian delegation which was established to implement the recommendations of Moneyval and FATF experts.

Regarding financial intelligence, 2019 will be recorded in the history as a year when the largest amount of potentially laundered assets - 345.98 million euro – has been frozen. The number of materials released to the law enforcement authorities (both cases and risk information) has also increased. An e-reporting system reform was implemented in 2019, replacing reports on unusual transactions with threshold declarations. The quality of reports on suspicious transactions submitted to the FIU Latvia has been improved, inter alia, reducing the number of reports submitted, by organising different meetings on collaborative platforms and implementing other measures.

The Annual Report of the FIU Latvia is supplemented with an attachment of statistical data and an annex showing and describing money laundering scheme.

The Annual Report of 2019