Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (FIU Latvia)

Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (FIU Latvia)

 

International cooperation

In accordance with Section 62 of the Law on the Prevention of Money Laundering and Terrorism Financing FIU Latvia conducts information exchange with foreign financial intelligence units as well as with foreign or international anti-terrorism financing agencies concerning the issues of the control of the movement of funds or other assets associated with terrorism.

Since 1999 FIU Latvia is a member of the Egmont Group of FIUs. The Egmont Group is an international organization of financial intelligence units, the goal of which is to facilitate the cooperation among FIUs around the world in the fight against money laundering and financing of terrorism.

For the exchange of information FIU Latvia utilizes the Egmont Group’s special information exchange system the Egmont Secure Web as well as the communication system of the EU member state FIUs – the FIU-NET.

Since 1998 FIU Latvia has concluded 28 Memoranda of Understanding with foreign FIUs.

The main activities of FIU Latvia international cooperation include the following:

  • information exchange with foreign FIUs in the form of requests, replies, spontaneous reports as well as questionnaires;

  • measures for prevention of terrorism financing – compilation of methodological materials, analysis of reports received from subjects of the AML/CFT Law or foreign institutions, processing of lists of terrorists and their supporters, creation and updating of consolidated lists and their distribution to the subjects of the Law, as well as other measures.

In the last years FIU Latvia has received on average about 700 requests per year from more than 50 different foreign FIUs while FIU Latvia every year sends about 250 requests on average to foreign FIUs. (Please refer to FIU Latvia Annual Report of the results of the FIU’s work for more detailed statistical information regarding the FIU’s international cooperation.)