GLOBAL ANTI-CORRUPTION CONSPORTIUM PROJECT
GLOBAL ANTI-CORRUPTION CONSPORTIUM PROJECT
- IMPLEMENTATION PERIOD: 28.10.2020–31.05.2021
- TOTAL VALUE OF THE PROJECT:
- DONOR: Transparency International Secretariat
CONTACT: Agnija Birule
The overreaching of the grant is to contribute to the mitigation of money laundering risks related to Trust and Company Service Providers (TCSPs) in Latvia. The main objective is to foster better regulation and AML supervision of TCSPs in Latvia.
ACTIVITIES
- meetings with the Financial Intelligence Unit of Latvia, the State Revenue Service and the Association of Accountants of the Republic of Latvia.
- followed the legislative process in the Defence, Internal Affairs and Corruption Prevention Committee of the Latvian Parliament in regard to the amendments in the AML law in Latvia (No. 872/Lp13).
- online roundtable discussion “Mitigating the money laundering risks linked to the provision of company services in Latvia” on 11 May 2021 via conferencing platform “Zoom”. In the event participated only invited guests and the video recording was not distributed to public. Purpose of the roundtable was to bring together stakeholders from the public and private sector to discuss current money laundering risks linked to the operations of TCSPs in Latvia and identify potential solutions to tackle the most pressing problems related to the supervision of these actors, their compliance with AML regulations.
- report “Money Laundering in Latvia and the Baltics: Recent Developments, Ongoing Risks, and Future Chalenges”. The report provides a bird-eye view of the main features of the complex money laundering schemes carried out through Latvian and other Baltic banks, while assessing governments’ efforts to prevent the occurrence of similar schemes in the future and evaluating the ongoing risks linked to the abuse of shell companies, the exploitation of corporate services, and the emergence of the e-money and digital payment industry.
- podcast “Latvijas naudas atmazgāšanas jaunie riski” un infografikas“(New risks of money laundering in Latvia” and infographics on current treats to the Latvian financial system and possible ways to avoid them. All materials are available only in Latvian.
- two expert videos with a participation of the officials from the Financial Intelligence Unit of Latvia and the Financial Capital Market Commission of Latvia on the current risks and future challenges of the Latvian financial system – electronic money institutions. Videos are available in Latvian.
- Recommendations to the Latvian government on how to avoid new risks of the Latvian financial system.
