Latvia’s effort to tackle money laundering and terrorist financing seems to have placed the country high in the MONEYVAL rating. After the critical assessment of the banks in the country which highlighted the deficiencies in its financial system, it has regained crucial recognitions has MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism has rerated the country on 10 recommendations previously rated as ‘partially compliant’. Following the adoption of Latvia’s mutual evaluation report, it was placed on a follow-up process, which evaluated the strength of its Anti-Money Laundering and Counter – terrorist financing (AML/CFT) and compliance with FATF recommendations.
On the 10 recommendations, Latvia has been re-rated as ‘largely compliant’ from ‘partially compliant’. In summary, Latvia is now largely compliant with 33 of the 40 recommendations and compliant on 7, therefore, it still needs to put more effort to maintain the new standard.
