Ašeradens: state and private sector have to unite to combat economic crimes

Although economic crimes do not make up a large proportion, they do leave a significant and negative impact on development of national economy, competitiveness and residents’ welfare. A great deal of progress has been achieved in economic crimes prevention, which is demonstrated by results of law enforcement institutions.

On Friday, 29 September, the National Economy Council and representatives of law enforcement institutions will discuss the progress made in economic crimes prevention efforts.
 

Economic crimes, though relatively small in number, leave a significant and negative impact on development of the national economy, competitiveness and residents’ welfare. A great deal of progress has been achieved in combating economic crimes in recent years, which is demonstrated by performance results of law enforcement institutions.
 

Nevertheless, the damages caused by criminals are considerate. For example, information from the Foreign Investors Council shows that abuse of insolvency procedures has cost Latvia EUR 665 million. Losses could exceed EUR 850 million in the next 10 years.
 

This means new approaches have to be sought to make the fight more effective, the ministry notes. Economy Minister Arvils Ašeradens proposes forming a joint and systematic cooperation between the public and private sectors in efforts to combat economic crimes.
 

Ašeradens comments: «Efforts to combat economic crimes have become a high priority for the government in recent years. We have achieved good progress, especially in limitation of dishonest use of insolvency process.»
 

He continues: «It is also clear that we have to continue the work we have started and expand our efforts. This includes the fight against dishonest competition and wider coverage of grey economy. This can be achieved through close cooperation among law enforcement authorities, public and private sector.»

BNN

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