bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Ceturtdiena 20.02.2020 | Name days: Smuidra, Vitauts, Smuidris
LatviaLatvia

Approved: Latvian financial watchdog to have new management, more duties

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

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.


Leave a reply

Ruling in Maxima tragedy criminal case to be appealed

Riga City Pārdaugava Court’s ruling in the Maxima tragedy criminal case will definitely be appealed, said senior prosecutor Aivars Ostapko in an interview to Latvijas Radio on Thursday, 20 February.

Proposal voiced to deny Aivars Lembergs the option to enter the Saeima

A proposal has been voiced to deny suspended Ventspils mayor Aivars Lembergs, who is accused of committing serious crimes and is added to the list of sanctions of USA, the right to participate in Saeima’s activities, according to information from LTV.

Latvian police liquidates fake news site www.aumytests.net. Employee detained

Latvian State Police has detained a 2001-born young man for reporting fake news, BNN was informed by police.

Cyber security drill held by Estonia in NATO Parliamentary Assembly

In Brussels, during the NATO Parliamentary Assembly, Estonian experts have held a strategic cyber drill, where member state legislators have been asked to look for solutions in a simulated cyber incident, ERR reports.

Turkey warns of military operation in Syria to stop government-Russian forces

Turkish President Recep Tayyip Erdoğan has stated that Turkey’s offensive in north-eastern Syria could start at any moment with the aim of stopping an offensive of the Syrian government and Russian forces on opposition-controlled territory, BBC reports.

Riga Zoological Garden board members Līdaka and Morozovs laid off

Both Riga National Zoological Garden’s chairman of the board Ingmārs Līdaka and board member Andris Morozovs have been fired from their respective posts, as confirmed by Līdaka.

Enterprise Register decides KPV LV party’s February meeting had no decision-making authority

Latvia’s Enterprise Register has decided the 8 February repeated meeting of KPV LV members had no decision-making authority. This is why the Enterprise Register has set a term for prevention of problems or organization of a new meeting.

Germany hit by tragic shootings in bars; suspect found lifeless

In Germany, eight people have been killed and five injured in two shootings in the city of Hanau. Police have found the suspect dead at his residential address, DW reports.

Ķuzis’ friendship with KGB official is no problem to run with New Unity in elections

Ex-chief of Latvian State Police Ints Ķuzis has joined New Unity and intends to run in the upcoming snap elections in Riga, as BNN was informed by the party.

Kristīne Misāne’s representatives say her extradition is temporarily halted

The extradition of Latvian citizen Kristīne Misāne, who is accused of kidnapping her own child, to the South African Republic has been temporarily halted, as Delfi TV ar Jānis Domburs was told by the woman’s sister Mārīte Batraka.

Estonian wind farm land sold for EUR 51.4 million

In Estonia, the auction of a 160-hectare plot of land intended for the erection of wind turbines, has been won by Estonian energy giant Eesti Energia, which offered the price of 51.5 million euros, ERR reports.

Citskovskis: around 3 000 people have left state administration in Latvia in three years

Over the course of three years the number of people employed in Latvia’s state administration has reduced by 3 000 people, as reported by State Chancellery director Jānis Citskovskis at a meeting of Saeima’s Public Administration and Local Government Committee on Wednesday, 19 February.

European Central Bank annuls PNB Bank’s license

The European Central Bank has made a decision to liquidate PNB Bank’s license, as confirmed by Latvia’s Finance and Capital Market Commission.

Number of births in Latvia has increased in January since last year

Over the past four years, birth number is declining, however during the year there are months when greater birth number is registered. Provisional data of the Central Statistical Bureau of Latvia show that 1.6 thousand newborns were registered in January 2020, which is 5 % more than in the corresponding month a year ago.

133 jobs in welfare liquidated in Latvia last year

A total of 133 jobs were liquidated in Latvia’s welfare sector last year. This was done to reduce and optimize institutions and administration in this sector, as confirmed by Welfare Minister’s advisor Liesma Kalve.

Latvia needs almost 300 million euros to afford Rail Baltica

The funding Latvia needs to implement Rail Baltica project is EUR 297 620 500. This includes EUR 242 385 425 from the Connecting Europe Facility and EUR 55 235 075 from the state co-financing, as reported by Transport Ministry’s communication office.

Spanish government approves digital tax, but waits for OECD deal

As European Union member states seek to tax the profitable business of tech giants, Spanish government has passed a digital services tax, which could affect such US companies as Facebook and Google, according to The Guardian.

Estonian police finds potentially fatal substances added to illegal drugs

In Estonia, the police have informed the society about finding rat poison and washing powder in illegal drugs, ERR reports.

Kariņš: it is blatant we’ve had to wait for so long for a ruling in Maxima tragedy case

It is blatant that we have had to wait for more than six years between the Maxima tragedy and a ruling in the criminal case, said Latvian Prime Minister Krišjānis Kariņš in an interview to LTV programme Rīta panorama on 19 February.

Latvian government takes over National Opera building

The government has decided to take over the Latvian National Opera and Ballet building and hand it over to Culture Ministry for management, as reported by the ministry’s representative Lita Kokale.

Ukraine warfare escalates; OSCE calls for restraint

In Eastern Ukraine, this week has been marked with a deadly battle between Ukrainian government forces and Kremlin-backed separatists. The Organisation for Security and Cooperation in Europe has called on sides to adhere to agreed ceasefire, US news portal Radio Free Europe reports.

Rīgas satiksme new management’s stance on contract with Rīgas karte remains unclear

Municipal public transport company LLC Rīgas satiksme’s new board offers no clarity in relation to potentially terminating the contract with LLC Rīgas karte, as Saeima’s Public Expenditures and Audit Committee was told by RS board chairperson Džineta Innusa.

UK would not give visas to unskilled EU labour after Brexit

The British government has announced its immigration plan for the period after Brexit. It sets forth not issuing visas to unskilled labour from European countries, the BBC reports.

Attīstībai/Par! and Progressive party to run in Riga elections together

Party union Attīstībai/Par! and the Progressive party have decided to put together a shared list of candidates in the upcoming snap elections in Riga. Mārtiņš Staķis will be their mayoral candidate, as confirmed by Attīstībai/Par! representative Aleksis Zoldners.

Einars Repše becomes Baltic International Bank’s council head’s advisor

Latvia’s ex-prime minister and once the governor of the Bank of Latvia Einars Repše has become the advisor to Baltic International Bank’s council chairman Valērijs Belokoņs, as confirmed by the bank.


Do NOT follow this link or you will be banned from the site!