Financial Intelligence Unit of Latvia (FIU Latvia)

Financial Intelligence Unit of Latvia (FIU Latvia)

 

About institution

News of FIU Latvia

International Conference on Combatting Proliferation Financing

On 27 – 28 May, the Financial Intelligence Unit of Latvia (FIU Latvia) in cooperation with the Ministry of Foreign Affairs, organized an international conference on combatting the financing of proliferation, called “How to Improve Effectiveness in IO.11?”. Financial Action Task Force (FATF), Immediate Outcome 11 is designed to ensure financial sanctions to prevent proliferation are adequately enforced. The goal of the conference was to improve international understanding of this issue and to highlight the expertise of the representatives present.

Conference

The conference brought together high-level experts from different countries to discuss the challenges of combating proliferation financing. The experts shared their experiences of targeted financial sanctions regarding proliferation financing – regulatory framework and compliance with international standards, effective enforcement and monitoring, as well as the importance of public-private cooperation. It was clearly concluded that only through cooperation between countries and institutions results can be achieved and the possibility of weapons of mass destruction reaching fragile countries, terrorists or the black market can be reduced.

The conference was attended by nearly 100 experts from 30 countries.

 

dr dienas

Attention! Participation in the conference is only for registered guests with invitations. The number of participants is limited.

Agenda of Day 1

Agenda of Day 2

The Financial Intelligence Unit Latvia publishes its Annual Report 2018

On April 5, 2019, the Advisory Council of the Financial Intelligence Unit Latvia (FIU Latvia) held a meeting and approved the Annual Report 2018.

The FIU Latvia in 2018 has demonstrated its readiness to respond to changes in the external environment and to adapt its resources by investing in the development of employee skills, ensuring that the institution has the latest technologies for information analysis, processing and analytics. It is the commitment of FIU Latvia to continue moving towards change and excellence through efficient management of human, technological and financial resources.

You can access the Annual Report 2018 here 

About institution

The Financial Intelligence Unit of Latvia (FIU Latvia) is a specially established institution of direct administration under supervision of the Cabinet of Ministers. It receives, processes, and analyses reports on unusual and suspicious financial transactions as well as in cases provided for in the Law provides this information to control, pre-trial investigation, and court authorities as well as to the Prosecutor’s Office.

The purpose of the FIU Latvia is within its competence to prevent the finance system of the Republic of Latvia to be used for laundering of proceeds derived from criminal activity.

The legal status, rights, duties and principles of operation of the FIU Latvia are established by the Law on Prevention of Money Laundering and Terrorist Financing (Law).

The Cabinet of Ministries implements institutional supervision of the FIU Latvia through the Minister for the Interior.

The FIU Latvia has the following obligations:

  1. to receive, compile, store, and analyse reports of the subjects of the Law, as well as information obtained by other means, in order to determine whether such information may be related to money laundering, terrorism financing, or an attempt to carry out such actions, or to another associated criminal offence;

  2. to provide to pre-trial investigative institutions, the Prosecutor’s Office and a court information that may be used for the prevention, detection, pre-trial criminal proceedings, or adjudication of money laundering, terrorism financing, or an attempt to carry out such actions, or of another associated criminal offence;

  3. to analyse the quality of the reports provided and the effectiveness of its utilisation, and to inform the subjects of the Law thereof;

  4. to conduct the analysis and research of the practices of money laundering, terrorism financing, or an attempt to carry out such actions, and to improve the methodology for the hindrance and detection of such actions;

  5. pursuant to the procedure provided for the Law, to co-operate with international and foreign authorities, which are engaged in the prevention of money laundering and terrorism financing;

  6. to provide supervisory and control authorities with information regarding the most characteristic practices and places of acquisition and laundering of proceeds of crime, and terrorism financing, in order that the activities for the reduction of money laundering and terrorism financing possibility are carried out, to ensure the training of the employees of supervisory and control authorities in issues related to the prevention of money laundering and terrorism financing;

  7. to provide the subjects of the Law and their supervisory and control authorities with the information specified in Section 4, Paragraph four of the Law and to ensure the updating thereof;

  8. at the request of supervisory and control authorities and according to the competence thereof, to provide data regarding the statistics, quality, and utilisation effectiveness of the reports provided by the subjects of the Law;

  9. taking into account the information at the disposal of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity, to put forward proposals to the subjects of the Law, supervisory and control authorities, pre-trial investigative institutions, and the Prosecutor’s Office, in order to reduce the money laundering and terrorism financing possibilities;

  10. to publish information regarding the results of the FIU Latvia work by indicating the number of cases investigated and the number of persons transferred for criminal prosecution during the previous year, the number of persons convicted for the criminal offences related to money laundering or terrorism financing, the amount of the funds seized and confiscated;

  11. to inform supervisory and control authorities regarding the discovered violations of the requirements of the Law committed by the subjects of the Law;

  12. to compile and submit to the Advisory Board of the FIU Latvia the statistical information specified in Section 46, Paragraph one, Clause 8 of the Law, as well as, for the purpose of evaluating efficiency, the summary of statistics concerning the operation of the system for the prevention and combating of money laundering and terrorism financing, including the quality of the reports on suspicious and unusual transactions;

  13. to develop recommendations for the subjects of the Law and implement measures in order to mitigate risks of money laundering and terrorism financing, including by deciding on the reporting on the execution of unusual or suspicious transactions and refraining from executing transactions upon the initiative of the subject of the Law;

  14. to analyse the laws and regulations governing the prevention of money laundering and terrorism financing, to prepare recommendations for the improvement of such laws and regulations, to organise and carry out money laundering and terrorism financing risk assessment, and also to develop proposals for the mitigation of the level of such risks;

  15. to collect and compile statistical information which is necessary for the national and European Union risk assessment and other risk assessments which are developed by the international organisations or authorities, and also for the statistical tables prepared by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism(Moneyval) of the Council of Europe by co-ordinating the collected information where necessary;

  16. to maintain on the website of the Control Service information of general nature on the current typologies of money laundering, terrorism financing and criminal offences related thereto and provide detailed information to the supervisory and control authorities on the current typologies of money laundering, terrorism financing and criminal offences related thereto;

  17. to coordinate the cooperation coordination group in accordance with Section 55 of this Law.

FIU Latvia has the following rights:

  1. in the cases provided for in the Law, to order the subject of the Law to suspend a transaction or a definite type of debit operations in the customer's account;

  2. in the cases provided for in the Law, to order the State information system manager or request the Land Register to implement measures in order not to allow the re-registration of assets;

  3. to instruct the subjects of the Law regarding extension of the time period for the storage of documents obtained in the process of customer identification and due diligence;

  4. to request and receive information from the subjects of the Law, State authorities, as well as from derived public persons and the authorities thereof;

  5. to provide information to pre-trial investigative institutions, the Prosecutor’s Office, court, supervisory and control authorities;

  6. to conduct information exchange with foreign authorities whose obligations are similar to the obligations of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity.
  7. to request and receive from pre-trial investigative institutions, the Prosecutor’s Office, court, the Ministry of the Interior and the Ministry of Justice, also Court Administration information at their disposal concerning the activities in the field of combating of money laundering and terrorism financing that also includes statistics on the results of pre-trial investigation, prosecution, and adjudication of money laundering and terrorism financing, the amount of property frozen, arrested and confiscated and international legal assistance in these areas;

  8. to request and receive from subjects mentioned in Section 3 of the Law and from authorities mentioned in Section 45 of the Law information necessary for laundering of proceeds derived from criminal activity and terrorism financing risk assessment.

    In order to facilitate the operation of the FIU Latvia and coordinate its cooperation with the pre-trial investigation authorities, prosecutor's office, court and subjects of the Law, the Consultative Board of the FIU Latvia has been established. The meetings of the Board are convened and chaired, and their agenda is determined by the Chief of the FIU Latvia.