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Commissioner: Latvia should provide a clear response to situation in its financial sector

Valdis Dombrovskis/flickr.com/Finnish Government.
The scandal in Latvia’s financial sector has been reported far and wide in the European Union. This is why it is highly important for Latvia to provide a clear reaction to all this, said Vice-President of the European Commission for Financial Stability, Financial Services and Capital Market Union Valdis Dombrovskis in an interview to Rīta panorama programme of LTV.

According to him, it is clear that Latvia’s government is working hard on this matter. Dombrovskis notes that the efforts to combat money laundering activities are on a rise across Europe. Latvia, he says, should follow those processes closely.

The politician explains that he had not received considerable warning about problems with money laundering control in Latvia while he was prime minister. It was during his term that the flow of finances from shell companies through Latvian banks had started declining. Dombrovskis added that Latvia failed to join Eurozone at the time because of problems in this field.

As for the latest report from the European Commission, Dombrovskis emphasized that it is generally positive. EC is expected to provide recommendations to Latvia in May.

According to Dombrovskis, Latvia’s most notable challenges include tying the education system with demand of the labour market, as well as reducing income inequality in the country.


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