With a dedicated training MONEYVAL launches the evaluation process of Latvia

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.