Saeima committee approves Purgaile candidacy for Latvian financial regulator

On Tuesday, October 22, the Saeima Budget and Finance (Tax) Commission approved the candidacy of Santa Purgaile to become the new head of Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK), meaning that she is now just one vote away from being confirmed in the position.

As previously reported by LSM, Purgaile received the highest evaluation in the open competition for the position organized by and approved by the Cabinet of Ministers. However, she will now have to have her candidacy given final approval by a vote of the Saeima. 

That could take place at the next meeting of the Saeima on October 24 if the item is included on the agenda in time, the Chairman of the Budget Commission Martins Bondars said.

Purgaile is currently the Corporate Customer Service Director of AS Citadele Banka and co-chairman of the Credit Committee of the Latvian Financial Association, having previously worked for AS SEB Banka. She holds a Master's degree in International Economics and Business. 

In line with amendments to the Law on the Financial and Capital Markets Commission adopted by the Saeima in June this year, the FKTK chief will be appointed for a five-year term. The job is one of the most important and high-pressure positions in the country with Latvia making a concerted effort to replace its previous reputation as a global money-laundering hub with a new image as an example of financial probity and tight regulation.

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