LatviaLatvia’s Ministry of Finance issued a press release announcing the signing of an agreement between Latvia and the United States for anti-money laundering, counterterrorist financing and nonproliferation technical assistance.
Latvia’s Financial and Capital Market Commission issued recommendations in cooperation with the financial industry on how to improve internal control systems and customer due diligence in order to prevent financial crimes.
With STRs, Quantity Over Quality Wins the Day in Most European Nations
STRs dropped significantly last year in Luxembourg, Belgium and the Netherlands after authorities began emphasizing quality over quantity of reporting and eliminated certain numerical thresholds for filing.
European Nations Feature Heavily in ‘FinCEN Files’
Latvia, Switzerland, the Netherlands and Britain are the European nations most prominently represented in a subset of data taken from the more than 2,100 suspicious activity reports leaked from the U.S. Treasury Department’s Financial Crimes Enforcement Network.
The Financial and Capital Market Commission entered into an administrative agreement with the Riga, Latvia-based bank requiring it to pay a €647,070 fine and implement an action plan for improving the scope and effectiveness of its anti-money laundering and counterterrorist financing program.
The Financial and Capital Markets Commission of Latvia entered into an administrative agreement with the Riga, Latvia-based bank requiring it to pay a fine and implement improvements to its anti-money laundering and counterterrorist financing program.
| Technical | Effectiveness |
|---|---|
| Compliant : 7 | High : 0 |
| Largely Compliant : 33 | Substantial : 1 |
| Partially Compliant : 0 | Moderate : 8 |
| Non-Compliant : 0 | Low : 2 |
Latvia's technical compliance was re-rated in a Jan. 22, 2020 follow-up report
| Rank : 97/141 |
| Score : 4.62/10 |
| Rank : 44/180 |
| Score : 56/100 |
| Rank : 65/133 |
| Score : 59/100 |