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Minister: our objective is helping finance sector transform

Jānis Reirs/flickr.com
Latvia’s Finance Ministry intends to add amendments to the Finance and Capital Market Commission Law and Credit Institutions Law. Legislative drafts containing major changes to the function of institutions supervising the country’s finance sector will soon be submitted to the government for review, the ministry says.


«The finance sector needs to be efficient, respect security of its depositors, as well as interests of consumers and entrepreneurs. The sector should be able to provide traditional and innovative financial services for competitive prices. At the same time, business models should not be allowed to threaten the country’s reputation, but benefit the country’s national economy and stimulate its growth. To improve transparency and reduce the risks of money laundering and terrorism financing, it is necessary to implement reforms and employ stricter measures to combat financial crimes. Our objective is helping finance sector transform so that it can serve as good foundation for a growing business environment in Latvia,» says Finance Minister Jānis Reirs.
 

Amendments to the FCMC Law includes expansion of objectives, functions and responsibilities to help enhance prevention of money laundering and terrorism financing, while maintaining FCMC’s established goal in relation to supervision of finance and capital market’s participants and preservation of financial stability.
 

The need for reforms is confirmed by Organisation for Economic Co-operation and Development’s conclusion in regards to the efficiency of Latvia’s money laundering and terrorism financing prevention regulations and compliance with requirements of the Law on International and National Sanctions.
 

OECD evaluation was created based on Latvian Cabinet of Ministers 6 March 2018 decision to further evaluate FCMC and Control Service in relation to monitoring and control mechanism’s efficiency, sanction violations and corruption prevention in the finance sector. The objective of the evaluation is providing recommendations for further improvement of Latvia’s legislation on prevention of money laundering, including compliance with recommendations from Moneyval, Financial Action Task Force and OECD.
 

OECD evaluation includes in-depth analysis in six areas – true beneficiaries regime, terrorism financing sanctions, Control Service’s notification system, horizontal cooperation of Latvian institutions and the efficiency of FCMC’s supervisory system. OECD experts, when evaluating the best examples of OECD member states, have provided proposals for better short-term and medium-term state administration.

BNN

13-03-2019
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