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)

 

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What is FIU Latvia?

Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (FIU Latvia) is a specially established State authority. FIU Latvia operates under the supervision of the Prosecutor’s Office. FIU Latvia operates according to the Law on the Prevention of Money Laundering and Terrorism Financing (further in text – the Law).

Who is the Head of FIU Latvia?

The Head of FIU Latvia is appointed for a four-year term by the Prosecutor-General. Mr. Viesturs Burkāns has been the Head of FIU Latvia since June 1, 1998.

What are the functions of FIU Latvia?

FIU Latvia pursuant to the Law exercises control over unusual and suspicious financial transactions and acquires, receives, registers, processes, compiles, stores, analyses, and provides to pre-trial investigative institutions, the Prosecutor’s Office, and 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 another associated criminal offence.

What are proceeds of crime?

The term “proceeds of crime” is used in the meaning of the term “criminally acquired property and financial resources” as used in the Criminal Procedure Law.
Funds are considered proceeds of crime:

  1.  if they are owned or possessed by a person as a result of a direct or indirect criminal offence; or

  2.  in other cases as prescribed by the Criminal Procedure Law.

In addition to the proceeds of crime definition provided for in the Criminal Procedure Law, also such funds are considered proceeds of crime, which belong to or are directly or indirectly controlled by a person:

  1. who can be found on any list of persons suspected of being involved in terrorist activity or production, storage, transportation, use, or distribution of weapons of mass destruction compiled by the states or  international organisations recognized by the Cabinet of Ministers; or

  2. who has been included in the list of sanction subjects compiled by the Cabinet of Ministers on the basis of International and the Republic of Latvia National Sanctions Law for the purpose of combating  involvement in terrorist activities or production, storage, transportation, use, or distribution of weapons of mass destruction; or

  3. regarding whom bodies performing investigatory operations, pre-trial investigative institutions, the Prosecutor’s Office, or a court have information forming sufficient basis to suspect such person of  committing a criminal offence related to terrorism or participation therein.

What is Money laundering?

 The following actions are money laundering:

  1. the conversion of proceeds of crime into other valuables, transfer of their location or ownership, knowing that these funds are proceeds of crime and if such actions are carried out for the purpose of concealing or disguising the illicit origin of funds or assisting any person who is involved in committing of a criminal offence in evading the legal liability;

  2. the concealment or disguise of the true nature, origin, location, disposition, movement, ownership of proceeds of crime, knowing that these funds are proceeds of crime;

  3. the acquisition, possession, or use of proceeds of crime if at the time of acquisition of such rights it is known that these are proceeds of crime; or

  4. the participation in any of the activities specified above.

What is Terrorism?

Terrorism is the use of explosives, burning, use of nuclear-chemical, chemical, biological, bacteriological, toxic, or other weapons of mass destruction, mass poisoning, spreading of epidemics and epizootic diseases, kidnapping of persons, taking hostages, hijacking of air, land, or sea means of transport, or other activities if they are committed for the purpose of intimidating inhabitants or forcing the State, its institutions, or international organisations to take any action or refrain from taking it, or for the purposes of harming the interests of the State, the inhabitants, or international organisations.

What is Financing of Terrorism?

Terrorism financing is direct or indirect collection or transfer of funds or other property acquired in any manner for the purpose of or in the knowledge that such funds or other property will be fully or partly used to perform terrorist activities.
Financing of terrorism is transfer of funds obtained in any way to a terrorist group or an individual terrorist for their disposal.

What sort of punishment is prescribed for money laundering, terrorism, or terrorist financing?

A person who performs money laundering, terrorism, or terrorist financing shall be criminally punishable.

How to inform FIU Latvia regarding possible criminal activity?

It is possible via E-service “System for Submitting Reports regarding Suspicious or Unusual Financial transactions” https://zinojumi.kd.gov.lv

Where is FIU Latvia located?

FIU Latvia is located in Riga, Latvia at Raiņa Boulevard 15 (entrance from back yard).

Telephone: +371 67044430