Latvia Tightens Grip on Financial Crime

Effective Measures Against Money Laundering and Terrorism Financing

In an effort to eradicate illicit financial flows, the Latvian government has been working diligently through its Financial Intelligence Unit (FIU) to identify suspicious transactions and prevent money laundering and terrorism financing.

The Role of the Financial Intelligence Unit (FIU)

• Independent Authority: Supervised by the Cabinet of Ministers, the FIU plays a crucial role in preventing illicit financial flows through the Latvian financial system.
• Analysis of Suspicious Transactions: Collects and analyzes reports of suspicious transactions to identify potential money laundering and terrorism financing activities.

The FIU’s Comprehensive Approach

• Studies on Money Laundering and Terrorism Financing: Develops specialized studies on the risks, trends, and methods employed in these crimes.
• National Risk Assessment Report: Prepares a report to help identify areas of vulnerability.
• Coordination among Stakeholders: Operates a private and public cooperation coordination group to facilitate effective coordination among official bodies, investigation authorities, and supervisory agencies.

International Cooperation

• Member of the Egmont Group: Maintains a mutual exchange of information with counterpart institutions in other countries.
• Global Coordination: Enables cooperation on a global scale.

Strengthening Partnerships for Effective Combating Financial Crime

The Latvian FIU has committed to enhancing its capabilities and strengthening partnerships as part of its strategy for 2023-2027.