Latvia encourages setting up of a single EU supervisory mechanism for prevention of money laundering 13/11/2019
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.
Money laundering and terrorist financing is a phenomenon of a cross-border nature therewith the measures taken by a single country alone might not be enough for combating it. European countries have expressed an invitation to join efforts, by setting up the AML/CFT supervisory function to be carried out by the national supervisory authorities in close cooperation with the EU authority.
The Minister for Finance Jānis Reirs points out: “Over the recent years, Latvia has done a lot to strengthen its abilities to combat money laundering both in financial sector and in other fields. We believe that a single approach to anti-money laundering at the European Union level is a significant step forward for our own "capital repairs", as well as in the field of international cooperation.”
It was feasible to join this statement, along with continuing the work on the "capital repairs" in the financial sector announced by the Government, as well as on a single regulation and supervision in the EU’s combat with money laundering and terrorist financing as defined by the Action Plan of the Government. The Ministers for Finance have been discussing the joint approach already in the ECOFIN meeting in October. The next discussion is scheduled for the meeting of the Ministers for Finance in December, when it is planned to approve the conclusions of the Council regarding the subsequent measures to be taken in setting up the EU supervisory mechanism.
The Ministry of Finance is currently working on the draft national position, considering the principles contained in the joint statement of the Ministers.
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