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Ilze Znotiņa: lack of clarity about Latvia’s government may delay Moneyval recommendations

Ilze Znotiņa/twitter.com/@IZnotina
The lack of clarity with the forming government in Latvia may cause delays with implementation of recommendations from EU’s Moneyval, said Control Service’s head Ilze Znotiņa in an interview to Latvijas Radio.

At the same time, she is optimistic and confident that there will be political will to sort out the industry.

She agrees with what Finance and Capital Market Commission chairman Pēters Putniņš had previously said: that Moneyval report on Latvia was too harsh. However, she believes Latvia failed to properly explain its accomplishments in sorting the finance sector and that «proper words were not found». Additionally, had authorities and politicians in Latvia been as attentive as they are now, the report would have been better.

Znotiņa reminds that implementation of Moneyval recommendations already has a plan, which includes more than 100 measures Latvia is committed to performing before the end of the year. It is currently planned to shorten terms for quicker implementation of certain measures.

The head of the Control Service is also confident there will be political will for the implementation of recommendations. Of course, there are concerns about the new government and whether or not it takes on implementation of recommendations as seriously as the old government.

According to her, ABLV Bank’s self-controlled liquidation will demonstrate the professionalism of financial institutions, Control Service and law enforcement institutions.


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