LATVIA SUBMITS TECHNICAL REPORT ON IMPLEMENTATION OF MONEYVAL RECOMMENDATIONS

On 1st September, the Baltic Times reported that Latvia has submitted a technical report on implementation of recommendations from the Council of Europe’s Moneyval, said to demonstrate significant changes in the financial sector.  It says that the technical report says that in October 2018, the Latvian government adopted an action plan for implementation of Moneyval recommendation, which was followed by the government’s plan about “overhaul of the financial sector”, adopted in February 2019, with a goal to strengthen the financial sector regulator, improve co-ordination among engaged partners in order to achieve efficient results.  It also said that legislative amendments have been adopted to meet international standards, including ban on financial institutions to make transactions with shell companies.  Latvia is said to have improved information about true beneficiaries and since November 2017 has liquidated more than 17,000 companies that have not disclosed their true beneficiaries, including shell companies.

https://www.baltictimes.com/latvia_submits_technical_report_on_implementation_of_moneyval_recommendations__demonstrating_significant_changes_in_financial_sector/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y