On Friday, 14 April, the Minister for Finance, Arvils Ašeradens, and officials from the US Treasury (Ministry of Finance) discussed the consequences of the Russian war in Ukraine on the global economy, the crisis in the energy and food sectors and the impact on the Latvian economy during the Spring Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) Trustees. They also discussed the implementation of international sanctions and current events in the financial sector.

“During the meeting, I was assured of the strategic partnership between Latvia and the USA, the need for coordinated support to Ukraine and joint work on the effective prevention of circumvention of sanctions against Russia and Belarus. As a result of a successful meeting, the US Treasury, in a public statement, praised Latvia’s efforts to prevent money laundering and financing of terrorism. This is particularly important in preparation for the 6th round of assessment of MONEYVAL, which Latvia has requested to be carried out on an accelerated basis,” said the Minister for Finance, Arvils Ašeradens.

The US Treasury officials recognised Latvia’s commitment and the progress made so far in preventing money laundering and financing of terrorism (AML/CFT). It was also acknowledged that Latvia has improved its national capacity and capability to detect and prevent the circumvention of sanctions and illegal financial activities.

The Spring Meetings of the IMF and WBG Trustees are held annually in Washington, D.C., and are attended by the Trustees, Deputy Trustees, officials of the responsible authorities and other participants from both institutions. The meetings also include bilateral meetings with US officials and other partners.