Saeima okays Economic Affairs Court creation in Latvia

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On Wednesday, June 17, the Saeima adopted amendments to the Law on Judicial Power, which introduced the Economic Affairs Court as a specialised district (city) court, the Saeima Press Service said.

The Economic Affairs Court will be located in Riga and the whole of Latvia will be the territory of its activities.

The legal framework of the district (city) court and judge, including rights, duties and guarantees, will be fully applicable to the Economic Affairs Court and the judges of this court.

The same mechanisms for monitoring the work and conduct of a judge in other courts will also work.

Without changing the total number of judges of the district (city) court and regional court courts, ten seats of the judge will be transferred to the commencement of the activities of the Economic Affairs Court.

The court will start its operations in 2021.

As previously reported, the Saeima conceptually approved the creation of the Economic Affairs Court in December 2019. In spring 2020, however, resistance was shown by the party KPV LV.

Creation of the court is one of the measures intended to form part of a wider clean-up of the financial sector. Cases involving economic crimes have until now been notorious for their slow pace, and are frequently cited as a major disincentive to invest in Latvia by investors. It is hoped the new court will speed up the process of justice involving fraud, embezzlement and related crimes.

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