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Wednesday 15.08.2018 | Name days: Dzelde, Zenta, Zelda
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NCP: it is necessary to change supervisors of country’s financial sector

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«If Latvia wants to continue providing financial services to non-resident clients, it is first and foremost important to boost bank monitoring and law enforcement institutions’ capacity to help prevent financial crimes. Illegal financial activities will cease in Latvia only when financial criminals will become afraid of being caught and punished,» says Jānis Bordāns from the New Conservative Party.

To improve cooperation with USA in matters important for Latvia, especially in the field of enhancing its financial sector and reducing influence of Russia and oligarchs in Latvia, Bordāns and the New Conservative Party’s economy minister candidate Gatis Eglītis has met with representatives of US Treasury and US Congress Subcommittee on Crime, Terrorism, Homeland Security, and Investigations during his visit.

Bordāns believes that the current banking sector crisis reflects the inefficient monitoring performed by Finance and Capital Market Commission. «It is necessary to immediately change management of those institutions and expand their administrative capacity. Currently resident and non-resident banks, as well as insurance companies and venture capital funds are supervised by 20 experts from FCMC, which is not enough for proper monitoring of the entire sector,» says Bordāns.

NCP representatives told US Congress and Department of Treasury that the new law on shell companies in Latvia will only create additional bureaucratic obstacles for the financial sector. «At the same time, nothing is being done to improve the work of investigators, prosecutors and judges in the fight against financial crimes. Latvia’s lasting inability to deal with financial crimes has impacted the reputation of the country’s banking sector and has impeded the fight against corruption,» Bordāns says.

During the meeting, Bordāns invited US representatives consider providing technical assistance to Latvia’s Finance Ministry, FCMC, Control Service and law enforcement institutions to help raise capacity and financial crimes combating skills.

US representatives supported NCP’s position, saying that new laws and bank-monitoring rules should not be allowed to impact the work of small and medium-sized companies through banking services. NCP informed representatives of the US government about complaints received from businessmen who have «experienced unreasonable requirements from banks in recent months».


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