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De Facto: audit in FCMC could be performed by World Bank experts

Pēters Putniņš/fktk.lv.
The audit of Latvia’s bank supervisor Finance and Capital Market Commission could be performed by experts from the World Bank, as reported by De Facto. The audit may focus on the institution’s work in general, not any of its specific decisions.

Initially it was mentioned that the audit could be performed by Saeima’s Budget and Finance Committee and independent experts. Now it has been decided to entrust it to some independent institution, LTV notes.

«Finance Ministry together with FCMC and Control Service are currently preparing work objectives. We are also looking for assistants,» Latvian Finance Minister Dana Reizniece-Ozola told the programme.

FCMC Chairman Pēters Putniņš told De Facto that would agree with the decision to perform an audit if it is performed by experts from the World Bank under supervision of European Central Bank’s monitoring system.

The programme notes that it was previously mentioned that this audit could help determine as to why FCMC decided not to punish ABLV Bank for the possible breach of sanctions imposed against North Korea. However, this information is confidential.

FCMC leader emphasizes – even if experts from the World Bank agree to come over to perform the audit, this information will remain out of their reach. «It changes nothing, because information of this kind is only accessible in special cases and by very specific institutions,» Putniņš told the programme.

It is likely, however, that this audit may be organized to assess FCMC’s work in general, not focus on specific decisions. The second institution Finance Ministry wants to check is the Control Service, which is managed by the Prosecutor General’s Office. This institution performs money laundering combating measures, De Facto reports.


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