Official newsletter offers updates on Latvian financial sector reform

It has not been the easiest year so far for Latvia's financial sector, to put it mildly. ABLV bank has gone into liquidation following allegations of money-laundering from the U.S., the central bank governor has been charged with corruption and officials have scrambled to introduce reforms to prevent the sector being frozen out of the mainstream financial trading systems.

The good news is that things seem to be heading in the right direction after a decade of money-laundering scandals and an unwanted reputation Latvia earned as a funnel for dirty money.

Now the country's commercial banking association (recently rebranded as Finance Latvia Association) has launched what it promises will be a regular newsletter to update the financial world on what is happening in Latvia's financial sector.

"Latvia is committed to continuous innovation, full transparency, and robust anti-money laundering (AML) compliance across its financial sector. Today (August 10) we introduce this fortnightly newsletter that will provide a regular update on the transformation of the Latvian financial sector, including the latest programmes, initiatives, and legislative processes that are driving reforms in Latvian banking and finance," says the introduction.

The newsletter is co-ordinated with the office of the Prime Minister, so don't expect too much by way of critical commentary. Nevertheless, the first example of the new format does include a useful round-up of the current state of play.

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

 

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