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Peters Putnins approved as head of finance regulator

On Thursday Saeima approved Peters Putnins as the head of the Financial and Capital Markets Commission (FKTK), reported LSM's Latvian language service.

92 MPs voted for approving Putnins while no one abstained or voted against. 

Putnins was appointed deputy of the previous head Kristaps Zakulis in December 2012.

Prior to his role at FKTK, Putnins worked as a lawyer and as a consultant at the central bank.

His candidacy as head of FKTK was pushed through by Finance Minister Janis Reirs and Bank of Latvia president Ilmars Rimsevics. 

No other candidates for the position of FKTK chairman were named. Dana Reizniece-Ozola, who will take over as Finance Minister, criticized the apparent haste with which Putnins' candidacy was pushed.

As LSM reported, the previous head Kristaps Zakulis stepped down over criticism that the regulator hadn't done enough to prevent money laundering via Latvia's boutique banks.

Putnins will face the task of reviving the reputation of the FKTK, which until recently did not even reveal the names of the banks it fined. He'll also have to deal with Latvia's OECD accession talks, which now are surrounded with question marks due to foreign fears over the boutique banks.

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