bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Sunday 17.11.2019 | Name days: Uga, Hugo, Uģis
LatviaLatvia

Moneyval report on Latvia may be changed no sooner than 2023

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

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

European Council’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism Moneyval and Financial Action Task Force (FATF) may change their report on the situation in Latvia’s financial sector no sooner than 2023, said deputy state secretary to Interior Affairs Ministry’s and the prime minister’s work group’s vice-chairman Jānis Bekmanis at a meeting of Saeima’s Budget and Finance Committee’s Finance Sector’s Supervisory Sub-committee.

«It is important to understand that the report on Latvia will not be changed in February 2020. Moneyval and FATF gave Latvia a task that needs to be completed by 2023. February is the time when it will be decided if Latvia is working in the correct direction. If they conclude that we have accomplished nothing, the assessment will be reduced and Latvia will be added to the so-called grey list. If our accomplishments receive a positive score, we can expect recommendations on what we should do in the future,» explained Bekmanis.

He informed members of the Saeima that the first step to make Latvia compliant with FATF standards has been made.

«We received specific indications that of the 40 technical standards we are partially compliant with ten and almost compliant with 16. We are halfway – the technical report has been set to Moneyval secretariat. Now experts from Slovenia and Montenegro will report on Latvia’s accomplishments. We will maintain active communication with the secretariat to provide answers to questions they might have. Thanks to the work done by the government and the Saeima on enormous legislative acts, Latvia has requested its score to be upgraded by 20 recommendations,» said Bekmanis.

He said the second process – report on efficiency – is underway. «30 September marks the end of compilation of statistical data to be sent to Moneyval. 15 October marks the post-supervisory period during which we can demonstrate how everything works. 15 November, on the other hand, marks the date when the report on efficiency needs to be submitted to FATF, and we need to prove our efficiency. My personal opinion about this report is a ‘cautious seven out of ten’,» said Bekmanis.

Finance Ministry’s deputy state secretary Līga Kļaviņa said a plan of actions has been approved and funding until December 2019 has been allocated. «It is also planned to add to the next year’s budget an undivided amount to then use it for planned activities. If Latvia is added to the ‘grey list’, FATF will present a plan for Latvia to follow. This would require more funding,» said Kļaviņa.

As previously reported, Latvia has submitted a technical report on adoption of recommendations from Moneyval, outlining the most significant changes in the finance sector.

As reported by State Chancellery, Latvia has submitted its progress report on adoption of recommendations and improvement of the country’s system for enforcement of money laundering and terrorism financing, as well as the work results of the government and the Saeima on associated topics.

In November 2019 Latvia is expected to submit its next report – on efficiency indexes and practical applications of technical recommendations in all areas surveyed by Moneyval.


Leave a reply

October’s inflation in Latvia higher than average in EU and Eurozone

In October 2019, inflation in Latvia was higher than the average in the European Union and Eurozone, according to information published by Eurostat on Friday, 15 November.

Z-Towers examination reports to be evaluated by construction experts

The State Construction Control Bureau of Latvia has commenced an administrative process and plans to assess the work performed by certified construction experts on Z-Towers. This includes assessing reports associated with the project, as confirmed by the office’s representative Elīna Balgalve.

Riga’s Vice-Mayor dismisses the board of Riga Central Market

Vice-chairman of Riga City Council and shareholder Vadims Baraņņiks has dismissed the board of SIA Riga Central Market.

Unemployment in Latvia drops to 6%

Latvia's unemployment rate constituted 6.0 % in Q3 2019. Compared to the previous quarter, unemployment rate fell by 0.4 percentage points, while over the year it reduced by 1.0 percentage points.

Employment rate in Latvia reaches 65.6% of the population

917.8 thousand people or 65.6 % of the population of Latvia aged 15–74 were employed in Q3 2019. Over the year, employment rate grew by 0.3 percentage points, and number of employed persons fell by 2.3 thousand. During the period, population declined faster than the number of employed persons.

SEB share price heavily affected by suspected money laundering in Baltics

Swedish banking giant SEB AB has seen its stock value sinking by 15% as it awaits a programme by the Swedish public broadcaster over suspected money laundering in the Baltics, where the name of the bank would also appear, Bloomberg reports.

State Security Service detains three persons for illegal arms supply to African countries

Latvia’s State Security Service has detained three persons for illegal supplies of arms to African countries under EU and UN sanctions, as mentioned in VDD’s report.

Investigators of MH17 downing point to close Putin ally

Dutch-led investigators of the downing of the 2014 flight MH17 over Ukraine have published a series of phone intercepts, among them one between former senior Kremlin official and pro-Kremlin separatists rebels blamed for the crash.

Harmony halts work in Riga City Council coalition until GKR makes up its mind

Political party Harmony’s faction in Riga City Council has decided to halt its work in the coalition until Honour to Service Riga makes up its mind in regards to cooperation with Independent Deputies Faction, as confirmed by Riga City Council’s vice-chairman Anna Vladova on Thursday, 14 November.

To increase parties’ independence, Saeima decides to boost support for them

In the final reading, Latvia’s Saeima approved controversial amendments to the Law on Financing of Political Organizations, significantly boosting state support for political parties.

Sweden sells off Australian, Canadian bonds over carbon footprint

Sweden’s central bank has stated it had given up bonds in the mining regions of Australia and Canada as Riksbank said the greenhouse gas emissions of both countries were large.

With 57 deputies present, Latvia’s Saeima adopts state budget for 2020

After two-days’ worth of discussions, Latvia’s Saeima finally approved the state budget on Thursday, 14 November, with 57 votes in favour, as reported by Saeima’s press-service.

Germany to partly lift solidarity tax for support of ex-communist east

Germany has had since 1991 a solidarity tax requiring people in western Germany to support the east of the country to support its economic development. The government has decided to largely lift it from 2021.

Lithuania set to expand residential real estate tax payers’ base

With the economy prospects for the new year looking bleaker, the Lithuanian government is scrambling to find new ways to prevent a looming drought of state coffers. The Lithuanian legislature, Seimas, has revisited this week the idea of taxing polluting cars, real estate and bank assets.

Estonian skiing ex-coach convicted of doping facilitation

A court in Estonia has found Mati Alaver, a former national skiing coach, guilty of doping facilitation and convicted him to probation.

Tourist upturn in Latvian accommodations reaches 2.27 million in 2019

1.03 million foreign and Latvian visitors stayed at Latvian tourist accommodation establishments Q3 2019, which is 0.5 % more than Q3 2018. Compared to corresponding period of the previous year, the number of nights spent by visitors increased by 1.5 %.

Central Election Commission permits signature collection for Seaima’s dismissal

On Thursday, 14 November, Latvia’s Central Election Commission registered a signature collection process initiated by Varu Latijas Tautai and Centre Party for the dismissal of the 13th Saeima.

Corruption watchdog once again punishes VID officials for illegal information acquisition

Corruption Prevention and Combating Bureau has once again punished officials of the State Revenue Service who were caught illegally acquiring information from systems.

Saeima decides: unemployment benefit to be paid for eight, not nine months

From 2020 onward unemployment status will be provided and benefits paid for eight months instead of nine, BNN was told by Saeima’s press-service.

Lithuania pushes for NATO ally involvement in EU defence projects

Lithuanian National Defence Minister Raimundas Karoblis has emphasised that European Union’s defence projects should be open to NATO allies from outside the EU to join in.

Healthcare trade unions to decide on future protests in Latvia

Latvian Trade Union of Health and Social Care Workers council plans to decide on future protests on Tuesday, 19 November, as confirmed by the trade union.

Estonia registers lowest unemployment in century

The unemployment rate in the century-long history of Estonia has dropped in third quarter of the year to a record low of 3.9%, the country’s official statistics show.

Minister: suspicious interest for Latvia’s military objects considered medium-high

The level of suspicious interest of foreign people for Latvia’s military objects using different research methods, including drones, is considered medium-high, says Latvia’s Defence Minister Artis Pabriks.

Tusk encourages pro-EU Britons not to give up

The United Kingdom is in a month’s time holding its early parliamentary election. The outgoing chairman of the EU’s European Council, Donald Tusk has said indirectly that the country’s divorce from the bloc can still be reversed.

Contraband cigarettes found stashed in cars with forged diplomatic registration plates

State Revenue Service Tax and Customs Police found a large number of contraband cigarettes in vehicles bearing forged diplomatic registration plates, VID reports.


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