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Sunday 17.11.2019 | Name days: Uga, Hugo, Uģis

Moneyval report on Latvia may be changed no sooner than 2023

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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.

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