Latvia: Government, banks review anti-money laundering measures

Latvia’s Financial Sector Development Board (FSAP), chaired by Prime Minister Evika Silina, reviewed the country’s anti-money laundering (AML) measures during a meeting on 5 September 2024, LSM reports. The Financial Intelligence Unit (FID) reported on Latvia’s progress in relation to the Council of Europe’s evaluation of the country’s AML efforts. The meeting also addressed concerns about the risk-averse behaviour of local banks, which some argue is hindering lending. Officials discussed balancing AML measures with encouraging more lending, noting that banks have begun to lower interest rates on new housing loans. FSAP includes key government and financial sector leaders.