AML in Latvia

Latvia, situated in Northern Europe, is home to a population of 1.9 million. It became a member of both NATO and the EU in 2004. According to data from The World Bank, the country’s GDP per capita stood at 17,726 in 2020. Among its trading partners, Lithuania holds a prominent position. Latvia does not currently face any international sanctions.

Regarding FATF, Latvia’s AML regulations are subject to regular evaluation. As per FATF’s assessment, Latvia received a Compliance rating for 7 recommendations and a Largely Compliant rating for 33 out of the 40 FATF recommendations. Consequently, Latvia is not listed among countries with deficient AML regulations by FATF. The country is actively taking necessary measures to combat money laundering and terrorist financing, collaborating with international entities like the EU.

In 1998, Latvia instituted the FIU Advisory Board as a strategic measure to combat money laundering and expedite its alignment with EU standards. Furthermore, in response to the 9/11 terrorist attacks, the organization began implementing stringent measures to counter terrorist financing.

The FIU is comprised of four distinct departments, namely the Head of Data Processing Unit, IT, Transaction Analysts, and Secretary.

Banks, insurers, leasing firms, factoring entities, credit management companies, credit providers, electronic money institutions, payment service providers, postal entities, fund management firms, investment enterprises, stock brokerage entities, venture capital enterprises, and real estate investment companies.