Latvia encourages setting up of a single European Union (EU) supervisory mechanism for anti-money laundering and combating the financing of terrorism (AML/CFT). The Ministers for Finance of France, Germany, Italy, Latvia, the Netherlands and Spain have agreed upon a joint approach towards setting up such supervisory mechanism. The coordinated text of the statement has been sent to the Minister for Finance of Finland (country holding the EU presidency) (President of the EU Economic and Financial Affairs Council (ECOFIN)) and to the Vice-President of the European Commission Valdis Dombrovskis.
Internal audit experts of the Ministry of Finance of Latvia conducting the third mission in the Ministry of Finance of Moldova (October 21 - 25 2019) within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”.
On Friday, 18 October, Minster of Finance Jānis Reirs met with Swedbank Group Chairman of the Council, Göran Persson, and newly appointed President/CEO, Jens Henrihsson, during a working visit to Washington, D.C., to discuss the bank's long-term strategic vision for the Baltic market. During the visit, several important meetings were also held with representatives of the US Treasury, the World Bank and the International Monetary Fund to present in detail the implementation of the financial sector control reform in Latvia.
The Ministry of Finance of Latvia welcomed representatives of the Central Harmonization Unit and public internal auditors from the Republic of Moldova for the Study Visit within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”. Study visit to Latvia is organized for five working days (October 14 -18, 2019).
The Ministry of Finance of Moldova welcomed public internal auditors of the Ministry of Finance of Latvia on 30th September for the second mission that will last until 11th October, 2019 within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”.
On August 30th, Latvia has submitted its update report to MONEYVAL – the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering and the Financing of Terrorism. The technical report includes detailed evidence that the joint efforts of the Latvian government and Parliament, as well as the supervisory authorities, the FIU and law enforcement agencies are yielding tangible results.
On 8th August 2019 the new cooperation project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova” implementation started. High-level internal audit experts of the Ministry of Finance of Latvia will share their experience and practice on Performance Auditing and Auditing of the Information and Communication Technology Governance in order to strengthen internal control system and internal audit and to develop internal audit methodology of the Republic of Moldova.
On 15 August, the European Central Bank (ECB), as the direct supervisor of AS PNB Banka, has resolved to recognise this bank as an institution failing or likely to fail. European Single Resolution Board has resolved not to take measures to stabilise the activities of the bank. The Board of the Financial and Capital Market Commission (FCMC), at an extraordinary meeting, has adopted a decision to suspend the rights of AS PNB Banka to provide financials services.
On Thursday, 4 July, Pēters Putniņš, Chairman of the Financial and Capital Market Commission (FCMC), and Gunta Razāne, Deputy Chairwoman of the FCMC, submitted information to the Chairperson of the Saeima (the Parliament) about their resignation, in accordance with the provisions of the Law On FCMC. It should be emphasised that the FCMC has to continue working in accordance with the objective determined for it - to promote the protection of interests of investors, depositors and insured persons and development and stability of the financial and capital market, as well as the prevention of money laundering and terrorism and proliferation financing.
On Wednesday, June 5, the conference "Towards Effective Prevention and Combating of Money Laundering" was held in Riga. It was organised as the closing event of the "Anti-Money Laundering Training Programme", which has been implemented since 2017, in cooperation with the Structural Reform Service of the European Commission and the Fiscal Information and Investigation Service of the Netherlands (FIOD -Fiscale inlichtingen- en opsporingsdienst). The Training Programme was specifically developed to strengthen the capacity of the law enforcement, judicial system, supervisory authorities and other competent institutions of Latvia in the field of mitigation of money laundering risks.
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