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Minister wastes no time: wants to pick a new head for FCMC as soon as possible

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUA temporary chairman for Latvia’s Finance and Capital Market Commission (FCMC) could be announced on Friday, 5 July, as journalists were told by Finance Minister Jānis Reirs.

The minister did not mention any specific names. He only said that in accordance with the law the new head of the commission should come from the standing members of FCMC.

«I have spoken to standing council members, FCMC department managers, and I believe the next head could be chosen today,» said Reirs.

The minister adds that after that the candidate will be suggested for approval to the Bank of Latvia. «It would be ideal if the Saeima made the decision to approve the new head at the same time as the approval of resignations submitted by the two FCMC officials,» said Reirs.

The minister refrained from commenting on the quality of work performed by FCMC chairman Pēters Putniņš and his deputy Gunta Razāne. «They will remain working in their posts until 15 July. Right now I want to focus on finding a new head for FCMC. Evaluation of work performed by the board may come after 15 July,» said Reirs.

Latvia’s finance minister said FCMC should continue working in accordance with their specific goal – protecting the interests of depositors, investors and insured people, development and stability of the capital market, as well as money laundering and terrorism financing prevention.

«Successful function of FCMC is especially important, considering the need to adopt recommendations from Moneyval in regards to money laundering and terrorism financing prevention. I will ask the next chairman of FCMC to focus on these priorities as well,» stresses Reirs.

The minister adds that next week the government will approve the personnel selection and requirements for potential candidates based on which the State Chancellery will organize the process.

When asked what he expects from the next FCMC council, Reirs said the main goal

«is making sure the council meets requirements present in all democratic countries – to prevent circulation of money with unclear origin to prevent money laundering».

Through the press-secretary Bank of Latvia Jānis Silakalns, the governor of the Bank of Latvia Ilmārs Rimšēvičs said that the bank and finance minister will act accordingly to ensure FCMC continues functioning unhindered.

«We expect the Bank of Latvia and finance minister to pick a candidate to serve as a temporary head of FCMC. To discuss this topic, we have organized an extraordinary meeting of the Bank of Latvia today, Friday, 5 July. After that, a meeting with the finance minister will be held to discuss the topic in more detail,» says Rimšēvičs.

Saeima’s Budget and Finance Committee could discuss the topic regarding the future of FCMC on Monday, 8 July, said the committee’s chairman Mārtiņš Bondars.

It is entirely possible this topic could be discussed at the Saeima’s next plenary meeting, added Bondars.


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