Latest Latvian financial sector update published

The Latvian government has published the latest in its series of English-language financial sector updates as effforts continue to persuade the international community that Latvia's banking sector is no longer in the business of aiding money laundering and tax evasion.

The new edition is the twentieth and begins with a message from recently-installed central bank governor Mārtiņš Kazāks who writes:

The changes we are undertaking are ambitious. Although central banks, traditionally, are conservative institutions, the world and the financial sector are undergoing significant transformation, and so will Latvijas Banka. We will endeavor to be transparent and open throughout this transformation, operating as a reliable partner serving the public. We have been actively co-operating with Latvian and international institutions, contributing to the economic analysis and modernisation of the financial sector.

The changes implemented at Latvijas Banka represent one of the final building blocks in a major reform of the Latvian financial sector. Over the past year, Latvian institutions have collaborated on multiple projects to improve national legislation and introduce practical measures for preventing money laundering and terrorism financing (ML/TF), and we intend to continue this impressive work. A transparent, sustainable, and sound financial sector is vital for the Latvian people, and should become the "new normal". 

The sustainability of the financial sector is not only the number one priority for Latvia, but also the entirety of Europe, and will require powerful institutional regulation. My role will include promoting the initiative on a pan-European AML regulation and establishing the institutional framework. Latvia's experience demonstrates that, with significant coordinated effort, we can achieve much in a short period of time.

As previousy reported by LSM, the updates were launched in August 2018 with the country still reeling from the collapse of ABLV bank and a bribery scandal engulfing then-central bank governor Ilmārs Rimšēvičs.

You can subscribe to receive newsletters at the Finance Latvia Association website.

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