The Financial Intelligence Unit's (FIU) August newsletter has been published, providing a comprehensive insight into the fight against money laundering and financial crime. The publication highlights a series of significant events and developments, affirming Latvia's commitment to strengthening its financial system.
The newsletter's main focus is on Latvia as the first country to be evaluated under the new international financial compliance standards. It includes a foreword from Minister of Finance Arvils Ašeradens, as well as comments from Prime Minister Evika Siliņa and FIU's Head Toms Platacis, which confirm the support of top officials for this fight.
A special section is dedicated to the EU's strengthened anti-money laundering (AML) regulations. Infographics and articles provide a detailed explanation of the new EU AML legal package, including the AML Regulation, the AMLA agency, and the directives. This helps to understand global trends and Latvia's role within them.
The publication also features an interview with sworn attorney Edgars Pastars, who discusses the benefits and practical challenges of the new AML regulation, such as the large volume of documents, national specifics, and terminology problems. Furthermore, it includes materials prepared by the Bank of Latvia on preventing financial crime, from best practices for AML checks to a map of high-risk countries.
You can read the FID August newsletter here: https://fid.gov.lv/uploads/files/2025/FID%202025-aug-lat.pdf?fbclid=IwY2xjawM3V7lleHRuA2FlbQIxMABicmlkETBxTGoxSFNHMVBlUlh6cFV1AR78POdJsLXhfBsLqoxVjrj_38rs9fy39Zt-F1fKFW7_GKLd-8kKdm4bOllo7A_aem_Mb_mxhKxM-sNiNOPVcb29Q.
The Importance of European Union Support in the Fight Against Money Laundering
The European Union's financial support in the fight against money laundering and terrorist financing cannot be overstated. This support is essential for member states to implement targeted projects that strengthen national systems and response capabilities. A clear example of this is the project "Establishment of an AML innovation center to improve the identification of proceeds from crime," funded by the European Union's Recovery Fund. This project demonstrates the generosity and forward-looking vision of the European Union in supporting its member states in such critical areas.
The project's total funding reached 1,783,552 euros, of which 1,474,010 euros was provided by the European Union. This significant support allowed for the creation and equipping of an innovative anti-money laundering center to substantially strengthen the FID's ability to identify and prevent the legalization of illicit funds. Such investments are not only a technical benefit but also a strong signal that the fight against financial crime is a shared priority. Thus, European Union funding is a tool that allows for a more effective protection of the financial system's integrity, fosters international cooperation, and ultimately ensures a safer and more stable environment for every citizen.
