The objective of the Financial Sector Development Plan of Latvia to be adjusted 28/02/2019
On Tuesday, February 12, the government will review the report prepared by the Ministry of Finance on the fulfilment of the Financial Sector Development Plan for 2017 - 2019, as well as the changes to be introduced therein. It is important to note that, by the amendments to the Plan, it is intended to delete from the objective of the Plan the reference to Latvia as a regional financial services centre.
The Plan has been approved by the 21 March 2017 order of the cabinet of Ministers (CoM). It assigns to the task force established by the Minister for Finance to assess the course of implementation of the Plan and the effect of fulfilment of the tasks contained therein, as well as assigns to the Minister, by 31 December 2017 and 31 December 2018, to submit to the CoM the proposals on further implementation of the tasks of the Plan.
By the amendments to the Plan, it is intended to delete from the objective of the Plan the reference to Latvia as a regional financial services centre. The changes the financial sector has undergone, as well as the received Moneyval evaluation is not supporting the topicality and need for such a reference, and currently, till the completion of the process of changes and consolidation of the international reputation of Latvia, such reference only triggers further deterioration of the international reputation of Latvia, as it is capable of creating a false impression that Latvia continues ignoring the increased risks and fails to perform adequate management thereof.
Increasing the conformity of anti-money laundering and combating the financing of terrorism and raising the reputation of the country still remains the cross-cutting issue of the Financial Sector Development Plan for 2017 - 2019. The Plan provides that the increased money laundering and terrorism financing risk exposure of the Latvian financial sector poses threats to the reputation of the country and a stable long-term development of the Latvian financial sector, therewith the measures included in Plan are planned and implemented, provided that they do not increase the referred to risk level, but are oriented towards controlled scheduled reduction thereof.
Informative note regarding the fulfilment of the Plan is available on the website of the CoM at: http://tap.mk.gov.lv/lv/mk/tap/?pid=40469019&mode=mk&date=2019-02-12.
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