Latvia's measures to fight money laundering and the financing of terrorism

Publication details

Language

English

Country

Latvia

Moneyval MER Latvia 2018

Filename
Moneyval-Mutual-Evaluation-Report-Latvia-2018.pdf
Size
3 MB
Format
application/pdf
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This report provides a summary of the anti-money laundering (AML) and countering the financing of terrorism (CFT) measures in place in Latvia as at the date of the onsite visit (between 30 October and 10 November 2017). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Latvia’s AML/CFT system and provides recommendations on how the system could be strengthened. 

This Mutual Evaluation Report was adopted by Moneyval and the findings of the assessment have also been reviewed and endorsed by the FATF.

 

Earlier reports on Latvia's measures to combat money laundering & terrorist financing

More information: 

The FATF Recommendations

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

 

 

 

 

 

 

 

 

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Latvia Mutual Evaluation 2026

R.1 - Assessing risk & applying risk-based approach
C
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
C
R.33 - Statistics
C
R.34 - Guidance and feedback
C
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant   |   NA = not applicable

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Latvia Mutual Evaluation 2026

IO1
HE
IO2
SE
IO3
SE
IO4
ME
IO5
HE
IO6
HE
IO7
SE
IO8
HE
IO9
SE
IO10
SE
IO11
HE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness