With a dedicated training MONEYVAL launches the evaluation process of Latvia

23.03.2024

On 21 – 22 March, MONEYVAL – the Council of Europe's expert committee for the evaluation of measures to prevent AML/CFT – provided training for the representatives of the Latvian public and private sector on the upcoming 6th round of evaluation. The training was organized by the Financial Intelligence Unit in cooperation with MONEYVAL Secretariat in preparation for the next Latvia's MONEYVAL evaluation. Latvia is the first country to be assessed under the MONEYVAL and FATF Global Network new evaluation round.

MONEYVAL chairman Nikola Muccioli emphasised in his opening speech: "This is a special day for the entire international network of AML/CFT - Latvia is the first country to be evaluated in the new MONEYVAL round. Latvia has taken impressive steps to make its AML/CFT prevention system effective. With its commitment to innovation, Latvia could be called a trailblazer in the international field of prevention of AML/CFT. Latvia is an excellent example of how the country has managed to restructure the entire AML/CFT prevention system in a short time."

 

The purpose of the regular evaluation is the preparation of an in-depth report, which analyses the implementation and effectiveness of measures to prevent and combat ML/TF/PF in the country. The evaluation also contains targeted recommendations for further strengthening of the national AML/CFT system. This assessment by highly qualified experts will influence the perception of the international community and cooperation partners about the ability of Latvian competent institutions and private sector companies to skilfully and effectively protect the reputation and safety of Latvia’s financial system.

 

Since the previous evaluation, Latvia has diligently implemented the recommendations made in the previous MONEYVAL evaluation round and ensured the compliance with 40 recommendations of the Financial Action Task Force (FATF). In December 2019, MONEYVAL re-evaluated Latvia's compliance with the FATF 40 recommendations and assessed them as fully or largely compliant at the 59th plenary session of the MONEYVAL. Latvia has confirmed that it is a country with a firm commitment to implementing reforms and ensure effective AML/CFT system.

 

MONEYVAL is an expert committee of the Council of Europe (EP) for the prevention of AML/CFT, established in 1997 and bringing together 35 member states. Its central task is to assess how Member States are meeting international standards for the prevention of AML/CFT. MONEYVAL carries out an assessment, develops a report and prepares recommendations. MONEYVAL is one of the FATF (Financial Transactions Task Force) style regional organizations. MONEYVAL follows both the FATF standards and the assessment methodology in its assessment and reporting.

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