Financial Intelligence Unit of Latvia (FIU Latvia)

Financial Intelligence Unit of Latvia (FIU Latvia)

 

Results achieved in the first half of 2020

The first half of 2020 is largely characterized by the challenges and changes caused by the COVID-19 pandemic, both globally and nationally, which, among other things, has had a significant impact not only on the overall economic processes, but also on the everyday work and duties of institutions, including the Financial Intelligence Unit of Latvia. Report on results achieved by the Financial Intelligence Unit of Latvia in the first half of 2020 is available here.

2020 pusgads res 

 Head of the Financial Intelligence Unit of Latvia, Ilze Znotiņa: “The first half of 2020 was full of various challenges. Following an intense work for nearly 2 years positive news were received from the Financial Action Task Force (FATF), stating that Latvia is not included in the list of jurisdictions under increased monitoring, which means that by continuing the ongoing reforms to improve the system of anti-money laundering and combating terrorism and proliferation financing, the reputation of the Latvian financial sector will also be restored. The COVID-19 period has shown that by improving processes, remote work is also possible in the Financial Intelligence Unit of Latvia - an institution where a large amount of sensitive information is processed. The result of work carried out in previous periods can be seen in the performance indicators: in the first half of this year 78 criminal proceedings related to money laundering are initiated on the basis of the material transmitted by the Financial Intelligence Unit of Latvia, as well as potentially illicit proceeds in the amount of 327.56 million euro have been frozen or suspended, of which the larger majority has been frozen at the credit institutions, which are undergoing liquidation processes.”

Full report on results achieved by the Financial Intelligence Unit of Latvia in the first half of 2020 is available here.