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)

 

About institution

The Office for Prevention of Laundering of Proceeds Derived from Criminal Activity is a specially created State authority that operates under the supervision of the Prosecutor’s Office and pursuant to the procedure provided for in the Law receives, processes, and analyses reports on unusual and suspicious financial transactions as well as in cases provided for in the Law provides this information to control, pre-trial investigation, and court authorities as well as to the Prosecutor’s Office.

The purpose of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity is within its competence to prevent the finance system of the Republic of Latvia to be used for laundering of proceeds derived from criminal activity.

The Office for Prevention of Laundering of Proceeds Derived from Criminal Activity has the following obligations:

  1. to receive, compile, store, and analyse reports of the subjects of the Law, as well as information obtained by other means, in order to determine whether such information may be related to money laundering, terrorism financing, or an attempt to carry out such actions, or to another associated criminal offence;

  2. to provide to pre-trial investigative institutions, the Prosecutor’s Office and a 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 of another associated criminal offence;

  3. to analyse the quality of the reports provided and the effectiveness of its utilisation, and to inform the subjects of the Law thereof;

  4. to conduct the analysis and research of the practices of money laundering, terrorism financing, or an attempt to carry out such actions, and to improve the methodology for the hindrance and detection of such actions;

  5. pursuant to the procedure provided for in the Law, to co-operate with international and foreign authorities, which are engaged in the prevention of money laundering and terrorism financing;

  6. to provide supervisory and control authorities with information regarding the most characteristic practices and places of acquisition and laundering of proceeds of crime, and terrorism financing, in order that the activities for the reduction of money laundering and terrorism financing possibility are carried out, to ensure the training of the employees of supervisory and control authorities in issues related to the prevention of money laundering and terrorism financing;

  7. to provide the subjects of the Law and their supervisory and control authorities with the information specified in Section 4, Paragraph four of the Law and to ensure the updating thereof;

  8. at the request of supervisory and control authorities and according to the competence thereof, to provide data regarding the statistics, quality, and utilisation effectiveness of the reports provided by the subjects of the Law;

  9. taking into account the information at the disposal of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity, to put forward proposals to the subjects of the Law, supervisory and control authorities, pre-trial investigative institutions, and the Prosecutor’s Office, in order to reduce the money laundering and terrorism financing possibilities;

  10. to publish information regarding the results of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity work, indicating the number of cases examined and the number of persons prosecuted during the previous year, the number of persons convicted for the criminal offences related to money laundering or terrorism financing, the amount of funds frozen and confiscated;

  11. to inform supervisory and control authorities regarding the discovered violations of the requirements of the Law committed by the subjects of the Law;

  12. to compile and submit to the Advisory Board of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity the statistical information specified in Section 46, Paragraph one, Clause 8 of the Law, as well as, for the purpose of evaluating efficiency, the summary of statistics concerning the operation of the system for the prevention and combating of money laundering and terrorism financing, including the quality of the reports on suspicious and unusual transactions;

  13. to develop recommendations to the subjects of the Law and to perform measures to diminish the risks of money laundering and terrorism financing, including by deciding on reporting of unusual or suspicious transactions and refraining from executing a transaction on the initiative of the subject of the Law;

  14. to analyse laws and regulations regulating prevention of laundering of proceeds derived from criminal activity and terrorism financing, to develop recommendations for improving these laws and regulations, to organize and execute laundering of proceeds derived from criminal activity and terrorism financing risk assessment, as well as to develop proposals for reducing the level of these risks.

 The Office for Prevention of Laundering of Proceeds Derived from Criminal Activity has the following rights:

  1. in the cases provided for in the Law, to order the subject of the Law to suspend a transaction or a definite type of debit operations in the customer's account;

  2. in the cases provided for in the Law, to order the State information system manager or request the Land Register to implement measures in order not to allow the re-registration of assets;

  3. to instruct the subjects of the Law regarding extension of the time period for the storage of documents obtained in the process of customer identification and due diligence;

  4. to request and receive information from the subjects of the Law, State authorities, as well as from derived public persons and the authorities thereof;

  5. to provide information to pre-trial investigative institutions, the Prosecutor’s Office, court, supervisory and control authorities;

  6. to conduct information exchange with foreign authorities whose obligations are similar to the obligations of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity.

  7. to request and receive from pre-trial investigative institutions, the Prosecutor’s Office, court, the Ministry of the Interior and the Ministry of Justice, also Court Administration information at their disposal concerning the activities in the field of combating of money laundering and terrorism financing that also includes statistics on the results of pre-trial investigation, prosecution, and adjudication of money laundering and terrorism financing, the amount of property frozen, arrested and confiscated and international legal assistance in these areas;

  8. to request and receive from subjects mentioned in Section 3 of the Law and from authorities mentioned in Section 45 of the Law information necessary for laundering of proceeds derived from criminal activity and terrorism financing risk assessment.