ALL NEWSSANCTIONS

US request swifter action from Latvia regarding AML

The USA noted the urgency of fundamental changes and legislation updates from the government of Latvia.

The Assistant secretary for terrorist financing of the US Treasury called for immediate action to address everlasting statutory issues by the government in Riga.

Latvia abandones secrecy laws following pressure from the US government and the requested change in order to maintain the dollar licence of the country.

One major item noted by the USA was the lack of enforcement powers granted to the supervisor.

The bank supervisor has accused the government of undue intervention in the supervisory activities.

This input comes a few months before the initiation is f the Moneyval review of the country.

Latvia has stated that going to the grey list as a result of the review could be dramatically damaging for the economy.

Latvia’s central bank governor is under a number of investigations for corruption, bribery and money laundering as a rollout of the ABLV scandal which led to the bank’s liquidation.

Source

https://www.reuters.com/article/us-moneylaundering-latvia-usa/u-s-urges-latvia-to-step-up-reform-after-money-laundering-scandal-idUSKCN1SM1H0

Tags

Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker