Head of the Finance and Capital Market Commission Kristaps Zakulis has decided to step down. According to him, this decision is well-thought through and recent talks in the media about the possible change in management in FCMC did not come out of nowhere.
«During the four years since my approval my colleagues and I have been working intensively to achieve our goals. These included cleaning up and improving the field of regulations against money laundering and terrorism financing. I should be emphasized that penalties applied to banks in recent years were not part of any campaigns – it was a result of careful and meticulous monitoring work over a course of many years. Let’s be realistic – change of management in institutions of this kind in Latvia is not something new or extraordinary. I was prepared for it. Because the post of chairman of FCMC is a position of trust, I believe my decision to step down will reduce the degree of doubts, concerns and shadows hovering above FCMC. This position was never my personal goal,» – said Zakulis.
After four years of working in FCMC Zakulis says he plans to start off the new stage of his professional life with a feeling of job well done: «We’ve managed to strengthen FCMC as a powerful and professional team capable of monitoring and regulating the financial market in accordance with EU requirements. When I first entered this post in January 2012, I made it my priority to review FCMC’s work in the field of market supervision and approach to communications, as well as to consider the lessons learned during the Krajbanka crisis to further improve the market participants’ monitoring system. It was possible to realize those goals fully, which is mostly thanks to intensive work of our team. FCMC has become a dynamic and open financial market monitoring institution that works on both Latvian and European levels.»
It was during Zakulis’ management that it was possible to introduce a united monitoring and joint support mechanism and add FCMC to the European team of banking monitoring institutions. It was also possible to further enhance monitoring over non-resident banks and improve regulations for combating money laundering and terrorism-financing activities. Euro adoption in Latvia was also successful even though it was originally considered one of Latvia’s biggest financial challenges.
FCMC Council is still able to carry out all of its legally established functions with four members. While the Saeima is busy selecting a new leader for FCMC, its council can continue its work to further enhance different areas of the banking monitoring system, as noted by FCMC.