Roles and Responsibilities
Financial intelligence is one of the principal fields of activity of the Financial Intelligence Unit of Latvia.
Financial intelligence involves the collection and analysis of data about financial transactions performed by various parties (both individuals and entities). The goal of financial intelligence is to understand the essence of financial transactions, in order to identify such illegal activities as money laundering, tax evasion, corruption, or other offences.
Reporting entities according to the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing are required to inform the Financial Intelligence Unit of Latvia any and all suspicious transactions. The Financial Intelligence Unit of Latvia also receives reports of suspicious transactions from foreign financial intelligence authorities, and obtains this information through strategic analysis and in other ways.
The Financial Intelligence Unit of Latvia has the authority to freeze assets. Freezing is a measure to prevent any movement of assets and transactions, to ensure that no changes of these assets can occur, which may enable the usage of these assets.
In practice, the Financial Intelligence Unit of Latvia conducts the process from freezing assets that potentially are proceeds of a crime to their confiscation and transfer back to the true owner and/or the state as follows: