At the end of the working week, Minister of Finance Arvils Ašeradens participated in a joint plenary meeting of the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) and the Financial Action Task Force (FATF), where Latvia's sixth mutual evaluation report was adopted. Addressing the plenary session participants, the minister highlighted the achievements of Latvia's supervisory and law enforcement institutions in preventing financial crime and the country's determination to continue on its current course. Latvia became the first country to be assessed under the new, revised FATF methodology, and the official results will be known at the end of the year.
"This was no coincidence – Latvia deliberately chose to be among the first countries to demonstrate the progress made in reforming its financial system and its readiness to act responsibly within the framework of international standards. Our goal is to restore the international reputation of Latvia's financial sector and promote its attractiveness among international investors. We see that the targeted reforms have made our financial system more transparent, resilient and reliable, and I believe that global experts will also appreciate this. This is an important step that confirms our long-term commitment to strengthening our ability to prevent financial crime, promoting economic security and increasing international confidence in Latvia," emphasized the Minister of Finance.
This assessment and compliance with international indicators is not just a formal achievement – it directly affects the interests of Latvian society. Strengthening financial sector supervision and preventing illegal cash flows protects the country's economic stability and citizens' deposits, strengthens investor confidence, Latvia's competitiveness and fair business environment. It also means greater confidence in Latvia's reliability among foreign investors and international partners.
"When Latvia faced a financial sector crisis in 2018, the decision was clear – we needed a strong, clean and reliable financial system. Today, we are no longer a regional financial centre based on non-resident cash flows. Today, we are no longer a regional financial centre based on non-resident cash flows. We are a reliable partner in the fight against money laundering, terrorist financing and the circumvention of EU sanctions. This was also confirmed by the decision of the US Financial Crimes Enforcement Network, published last autumn, to withdraw the 2018 case against ABLV Bank. This is the beginning of a new phase – we will continue to strengthen institutional capacity and make Latvia a safe, stable and attractive environment for investors," said Ašeradens.
Since the 2018 financial sector crisis, Latvia has purposefully implemented reforms – strengthening financial sector supervision, increasing the capacity of law enforcement agencies and introducing a risk-based approach. Today, the country's financial system is based on transparency, accountability and resilience.
"Thank you to Latvia's supervisory and law enforcement institutions and experts who have tirelessly strengthened the country's financial system and worked to restore the confidence of global experts in our country – the Financial Intelligence Unit, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, the Ministry of the Interior, the Bank of Latvia, the State Revenue Service and other supervisors, as well as the Register of Enterprises, the Prosecutor General's Office and law enforcement agencies," Arvils Ašeradens emphasized at the end of the plenary session.
The adoption of the report marks the next stage in this process – Latvia is committed to continuing to implement the recommendations, ensuring that society benefits in the long term from a secure, transparent and fair financial system.
In accordance with MONEYVAL policy, the final steps to check the quality and consistency of the report are still being taken, and the report is scheduled to be published at the end of 2025.
The Financial Action Task Force (FATF) is an international organisation that sets and monitors standards for the prevention of money laundering and terrorist financing (AML/CFT).
MONEYVAL (Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a committee of experts of the Council of Europe that assesses member states in accordance with FATF standards.
