National Risk Assessment

The Financial Intelligence Unit of Latvia prepares a National Risk Assessment in order to determine the national risks in money laundering, terrorism and proliferation financing. The Financial Intelligence Unit prepares the National Risk Assessment in conjunction with law-enforcement authorities, monitoring and control authorities, as well as other pertinent organisations. 

 

The National Risk Assessment makes it possible to identify previously unknown threats, vulnerabilities, risks and their consequences. The National Risk Assessment makes it possible to identify priority measures and activities to reduce risks, to compare the money laundering, terrorism and proliferation financing risks in Latvia with those in other countries, thus revealing international patterns and trends. It promotes cooperation among all the institutions involved. The National Risk Assessment forms the basis for further policy-making in anti-money laundering, while for the private sector, it enables the introduction of appropriate internal control procedures. 

 

International standards for money laundering prevention state that countries must identify, assess and understand their own national money laundering, terrorism and proliferation financing risks. Given the global nature of money laundering, terrorism and proliferation financing schemes, it is important for every country to regularly perform high-quality risk assessments. Also, the European Commission Supranational Risk Assessment is prepared based on the national risk assessments of the EU member states.