Latvia’s AML/CTF supervisors
The Latvian FIU, officially known as the Office for the Prevention of Laundering of Proceeds Derived from Criminal Activity, was established by law in June 1998. Before providing information on irregular and suspicious transactions to pre-trial investigators and the court, the Latvian FIU gathers, records, processes, combines, preserves, and conducts analysis on the information.
How do you comply with AML/CTF regulations in Latvia?
The Republic of Latvia started drafting anti-money laundering legislation in 1997. In a series of anti-money laundering regulations that went into effect in January 2009, the Law on the Prevention of Money Laundering and Terrorist Financing received many modifications.
The focus of Latvian authorities is on guaranteeing the careful monitoring and evaluation of the efficacy of the new legal and regulatory framework, as well as its robust implementation and application.
The following normative measures were adopted by the government in support of the new anti-money laundering law.
List of Suspicious Transactions Indicators and Reporting Procedure for Suspicious and Unusual Transactions
Information exchange between regional government organisations for the prevention of criminal proceeds
Establishment and keeping of lists of people suspected of involvement in terrorism maintained by national and international organisations
Coordinating with emerging countries and imposing the same AML/CFT regulations as those imposed by the European Union