On 22 January, MONEYVAL announced review of the ratings against FATF Recommendations originally adopted following the 2018 mutual evaluation of Lavia.  It has re-rated the country on 10 Recommendations originally rated as “partially compliant” and 1 Recommendation originally rated as “largely compliant”.  Latvia was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report.  A follow-up report analyses Latvia’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report – but does not address the effectiveness of the compliance systems.  The follow-up report also looks at progress made in the implementation of new requirements relating to FATF Recommendations which have changed since Latvia’s mutual evaluation report was adopted.  As a result, Latvia is now “compliant” on 7 of the 40 FATF Recommendations and “largely compliant” on 33 of them.  Latvia will remain in enhanced follow-up and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: