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Financial Intelligence Unit of Latvia: Sharing Beneficial Ownership Information with Other Countries

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The financial intelligence unit (FIU) of Latvia has been actively involved in identifying and sharing beneficial ownership information with other countries. In this report, we highlight the key points related to entities subject to information sharing, resource names and web links, case examples, and best practices.

Entities Subject to Information Sharing

The FIU Latvia can share information about the following entities:

1. Trust and Company Service Providers

  • Interviews with personnel
  • Accounts records/documents
  • Other relevant information

2. Other Designated Non-Financial Businesses and Professions

  • Similar information as mentioned above for trust and company service providers

For more information, please visit the European Judicial Network in criminal matters:

https://www.ejn-crimjust.europa.eu/ejn/ToolsCountry.aspx?Mp=0&Cou=307

Case Examples

There are two examples provided to demonstrate the FIU Latvia’s ability to share beneficial ownership information with other countries.

Example 1: Request from EU Member State

FIU Latvia received a request for information from another EU member state’s FIU about a Latvian company holding an account in Latvia. The foreign FIU requested information on the beneficial owners of the Latvian company. FIU Latvia promptly sent a request to the bank, and the reply was received the next day. A formal reply was compiled and sent to the foreign FIU containing identification data of the beneficial owner of the Latvian company.

Example 2: Request from Non-EU Member State

FIU Latvia received a request from a non-EU member state’s FIU about an offshore company holding an account in Latvia. The foreign FIU requested information on the beneficial owners of the offshore company. FIU Latvia sent a request to the bank, and the reply was received within a week. A formal reply was compiled and sent to the foreign FIU containing identification data of the beneficial owner of the offshore company.

Best Practice

The Egmont Group of Financial Intelligence Units recommends providing replies to requests for information within 30 days.

It is clear that Latvia’s financial intelligence unit has been successful in sharing beneficial ownership information with other countries, both within and outside the EU. The examples provided demonstrate the unit’s ability to quickly respond to requests for information and provide relevant data to support international cooperation efforts.