MONEYVAL PUBLISHES FOLLOW-UP AML/CF ASSESSMENT REPORT ON LATVIA

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.

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https://www.coe.int/en/web/human-rights-rule-of-law/-/moneyval-publishes-follow-up-report-on-latvia

http://www.leta.lv/eng/home/important/00C2FE1E-D839-44AC-A61B-75DC4A54338A/

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-latvia-/16809988c1

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

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