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Monday 16.12.2019 | Name days: Alvīne
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Approved: Latvian financial watchdog to have new management, more duties

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The Latvian parliament has passed amendments to the Law of the Financial and Capital Market Commission (FCMC) aimed at strengthening the prevention of money laundering and terrorism funding in the financial and capital market.

The amendments passed by the Latvian Saeima in their final reading on Thursday, June 13, expand the functions of the Latvian financial and capital watchdog and set the institution an additional goal of the prevention of the legalisation of illegally obtained funds, as well as the prevention of the funding of terrorism and proliferation. The information was provided by the Saeima Press Service.

The changes – maintaining the current goal of the operations of the FCMC of ensuring financial stability and the oversight of the financial and capital market players – had been proposed to prevent the possibility to use the Latvian financial sector for the money laundering and for the financing of terrorism.

The changes have been encouraged by recommendations from the international Moneyval committee.

In addition, the adopted amendments stipulate clarifying the current functions of the financial watchdog and its responsibility in preventing the laundering of «dirty money» and in complying to international and national sanctions in the financial and capital market.

New management model

A new model of FCMC management will be put in place, which includes cutting the number of the members of the FCMC council from five to three. They will be appointed for a term of five years by the Seima based on an open job competition and on the recommendation of the Cabinet of Ministers (in case of the council chairman).

If the current chairman of the financial watchdog’s council, Pēters Putniņš, and his deputy Gunta Razāne resign from their posts by August 1, 2019, they will receive a single compensation in the amount of 80% of their annual salary.


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