Shadow economy taskforce tinkers with its plan

On Thursday, March 3, a meeting of the Council for Combating the Shadow Economy was held, at which the plan for curbing the shadow economy was evaluated and the proposals of the Prosecutor General's Office on dealing with illicit funds were reviewed, the Finance Ministry said. 

The Council assessed the previously considered Shadow Economy Restriction Plan 2021/2022 prepared by the Ministry of Finance, which has been supplemented by new proposals and agreed with the ministries and non governmental organizations involved. 

"Given the dynamic course of events and changing circumstances, the plan is designed as an open document to allow for rapid operational additions and integration of new initiatives. At the meeting, it was decided to submit the updated plan to the Cabinet of Ministers for approval," the Finance Ministry said.

The Council for Combating the Shadow Economy is a coordinating institution, the aim of which is to coordinate and supervise the activities of responsible institutions in combating the shadow economy, also sometimes called the 'gray' economy. It is chaired by the Prime Minister.

Latvia has made substantial progress in reducing the size of the shadow economy over the last decade, though research suggests that in 2020, the shadow economy in Latvia grew again.

 

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