25 apply to become head of Latvia's financial regulator

A contest to find a new and confidence-inspiring head of Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) has attracted 25 applicants in the initial stage, the government press office revealed August 13, one day after submissions for the job closed.

Previous FKTK chairman Pēters Putniņš resigned with a payoff in July, as reported by LSM, after coming under increasing pressure for his opposition to government reforms of FKTK's statutes.

The search for his replacement will take place in three rounds, with candidates gradually whittled down by a process that will test their English and presentation skills as well as their ability to get necessary security clearance.

Reform of FKTK is part of a wider government drive to persuade the rest of the world that Latvia is no longer an international money-laundering hub of global significance and that the large number of boutique banks who channeled billions of dollars from east to west have really changed their methods and motivations.

Another part of the reform drive is the compilation of a regular update about the financial sector, the most recent of which is available to read online and includes updates on anti-money laundering legislative measures. It also contains links to various other newsletters and information sources.

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