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ILZE COLUMN: How Latvia is now a template for rest of world in putting the FIU front and centre in battle against illicit money flows

Premium March 9, 2023

EXAMPLE: Photo show Freedom monument memorial in Riga, Latvia. The country is now held up as an example of putting a national FIU at the very centre of fighting financial crime.

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NEWS: Austria opens fraud investigation into Signa’s Benko, ORF reports

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NEWS: Biden unlikely to cut Iran’s oil lifeline after Israel attack

NEWS: FinCEN, State Dept warn banks on massive increase in fraud using fake US Passport Cards

By Ilze Znotina, AML Intelligence Columnist and former Head of Financial Intelligence Unit, Latvia

WE LIVE in increasingly uncertain times. The world has changed dramatically over recent months and we cannot be sure what tomorrow will bring.

Money laundering is a direct issue of national security: if unaddressed, organized crime directly undermines the legitimacy and authority of the state, threatens the security of the population, and causes significant damage to national security, prosperity, and sustainability.

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Premium

NEWS: Austria opens fraud investigation into Signa’s Benko, ORF reports

 Premium

NEWS: Biden unlikely to cut Iran’s oil lifeline after Israel attack

NEWS: FinCEN, State Dept warn banks on massive increase in fraud using fake US Passport Cards

Regulatory Watch News

  • Publication of Final Rule to Remove the Zimbabwe Sanctions Regulations

    OFAC

    The Office of Foreign Assets Control (OFAC) is issuing a final rule to remove the Zimbabwe Sanctions Regulations, 31 CFR part 541, from the Code of Federal Regulations.  OFAC is taking this action because the national emergency on which part 541 was based was terminated by the President on March 4, 2024. The rule is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on April 17, 2024.

  • MONEYVAL held assessors training in Riga

    MONEYVAL

    In the preparation of the next cycle of assessments, which will place an even greater focus on effectiveness and on countries’ risk and context, MONEYVAL organised a week-long assessors training in Riga. From 8 to 12 April, 39 experts from 24 MONEYVAL and FATF countries attended the training which focussed on both technical compliance and effectiveness aspects.

  • Four arrested on suspicion of smuggling money from UK to Albania

    National Crime Agency

    Four alleged members of an organised crime group that specialises in smuggling criminal cash out of the country and into Albania have been arrested in a National Crime Agency investigation. The suspects were arrested on 13 April in a series of co-ordinated raids which began with a 48-year-old Albanian national being arrested at Dover. Approximately £200,000 in cash was seized from his vehicle which is alleged to have been en route to Albania.

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