The Financial Intelligence Unit has successfully completed the European Union (EU) Recovery and Resilience Facility-supported project "Establishment of an AML Innovation Center to Improve the Identification of Proceeds of Crime," the aim of which was to create a comprehensive cooperation platform to strengthen financial intelligence. The result is a secure solution that changes the way financial intelligence information is collected, processed, analyzed, and shared with cooperation partners and law enforcement agencies.
Marta Jaksona, Deputy Head of the Financial Intelligence Unit for Strategic Development, emphasizes the reasons and significance of establishing the center: “Money laundering methods are becoming increasingly complex and global, crossing the borders of a single country. To be effective in this fight, new, modern tools are necessary that help us adapt to the changing environment. Only through close cooperation with all law enforcement agencies can we achieve results - jointly resolving complex cases and learning from each other. Technology, in turn, holds enormous potential that must be integrated into daily work. This is not a matter of choice - it is a necessity if we want to be one step ahead of the criminal world and protect Latvia's financial system.”
Several strategic tasks were implemented in the project, including the introduction of modern IT systems and secure infrastructure, the creation of cooperation spaces, and the development of an innovative analytics solution. The project funding reached nearly 1.8 million euros, the majority of which, almost 1.5 million euros, was EU funding. This significant support enabled the creation and equipping of an innovative anti-money laundering center to strengthen the Financial Intelligence Unit's capacity to identify and prevent the legalization of proceeds of crime.
Several significant activities were implemented within the project:
A research and competency development hall is operational, along with strategic and operational communication spaces that serve as a platform for knowledge exchange and cooperation.
A secure, technologically equipped platform is being used for knowledge exchange, transfer, and communication among the involved institutions.
Developed data analysis solutions and management algorithms are functional, allowing for more efficient processing and analysis of large data volumes.
A technological analytical platform for hypothesis analysis is operational, providing effective tools and opportunities for investigators.
This EU Recovery and Resilience Facility project is an example of how smart investments can create long-term benefits for a safer society. Innovations of this kind significantly improve the speed and quality of money laundering detection, while also ensuring knowledge exchange through structured, reusable tools. As a result, the cooperation platform becomes not only a technological achievement but also a strategic driving force for faster, smarter, and closer cooperation in preventing financial crime in Latvia and beyond.
The project "Establishment of an AML Innovation Center to Improve the Identification of Proceeds of Crime" results in more effective investigation and combatting of financial crime. Modern technology has improved cooperation among involved institutions and their ability to detect and prevent the legalization of proceeds of crime at a national level more effectively.
