MONEYVAL publishes follow-up report on Latvia

Strasbourg 22/01/2020
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MONEYVAL publishes follow-up report on Latvia

As a result of Latvia’s progress in strengthening its framework to tackle money laundering and terrorist financing since its mutual evaluation report in July 2018, MONEYVAL has re-rated the country on ten Recommendations originally rated as “partially compliant” and one Recommendation originally rated as “largely compliant”.

Latvia was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of Latvia’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the Recommendations by the Financial Action Task Force (FATF). In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework.

This follow-up report analyses Latvia’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated Latvia on Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing), 7 (targeted financial sanctions related to proliferation), 8 (non-profit organisations), 10 (customer due diligence), 22 (DNFBPs: customer due diligence), 26 (regulation and supervision of financial institutions), 28 (regulation and supervision of DNFBPs), 32 (cash couriers), 39 (extradition) and 40 (other forms of international cooperation). These Recommendations are now re-rated as “largely compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to FATF Recommendations which have changed since Latvia’s mutual evaluation report was adopted (notably Recommendations 2, 18 and 21). The ratings for Recommendations 18 (internal controls and foreign branches and subsidiaries, rated “largely compliant”) and 21 (tipping-off and confidentiality, rated as “largely compliant”) remain unchanged. The rating for Recommendation 2 is now re-rated as “compliant”.

Latvia is now “compliant” on seven of the 40 FATF Recommendations and “largely compliant” on 33 of them.

MONEYVAL decided that Latvia will remain in enhanced follow-up and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.