In light of the commitment of the Government to take immediate measures for strengthening the ability of Latvia to combat money laundering and the financing of terrorism, as well as to enhance the regulation for liquidation of credit institutions, the Ministry of Finance (MoF) has prepared the amendments to the Law On the Financial and Capital Market Commission (FCMC) and the Credit Institutions Law. These draft laws are part of the 'capital repair' of the sector announced by the Prime Minister and foresee significant changes in the institutions supervising the financial sector.
On 13th of March, The Ministries of Finance of Estonia, Latvia and Lithuania commenced a joint public consultation on the Interim Report of Introduction of Pan-Baltic Covered Bond Legal and Regulatory framework (The Interim Report). The Interim Report, prepared in cooperation within the European Bank for Reconstruction and Development (EBRD), reflects views of experts of the Ministries of Finance of Estonia, Latvia and Lithuania.
In light of the stipulation of the Governmental Action Plan to take immediate measures for strengthening the ability of Latvia to combat money laundering and financing of terrorism, as well as to enhance the regulation for liquidation of the credit institutions, the Ministry of Finance (MoF) will propose the amendments to the Law On the Financial and Capital Market Commission (FCMC) and the Credit Institutions Law. Draft laws providing for significant change in the supervisory authorities of the financial sector are expected to be passed for review to the government within the nearest future.
On March 7, the Minister for Finance Jānis Reirs met with the Vice-President of the European Investment Bank Alexander Stubb and discussed the topicalities of cooperation between Latvia and the EIB, including the EIB funding for the projects in Latvia, progress of the InvestEU proposal and the impact of Brexit on the EIB.
On 4th of March governors and alternate governors of the Nordic and Baltic countries will meet the US nominee for selection of the next president of the World Bank. The nomination process runs until 14th of March. So far, the US is the only country to have made public its nomination. The meeting is part of a string of meetings that Malpass has with European governors.
On Wednesday, February 27, the World Bank published the study, analysing the law of 187 countries of the world in the field of gender equality. Latvia ranks among the six economies of the world, getting the maximum score in the index regarding ensuring equal economic opportunities for women.
Following today's meeting of the Financial Sector Development Council, Prime Minister Krišjānis Kariņš announced the decision to implement a substantial financial sector control reform and tasked the Ministers for Finance, Justice and the Interior with drawing up a legislative package by 26 March to be put to the Cabinet of Ministers.
On Tuesday, February 12, the government will review the report prepared by the Ministry of Finance on the fulfilment of the Financial Sector Development Plan for 2017 - 2019, as well as the changes to be introduced therein. It is important to note that, by the amendments to the Plan, it is intended to delete from the objective of the Plan the reference to Latvia as a regional financial services centre.
The Nordic and Baltic financial stability authorities have conducted a joint financial crisis management exercise. The exercise was held from 22 to 23 January 2019 and involved 31 authorities from Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden as well as relevant European Union authorities. A staff member of the International Monetary Fund observed the simulation.
Next year in Latvia will start with the technical or temporary budget. On December 6, the Saeima (Parliament), with a convincing majority of votes, have supported the amendments to the Law on Budget and Financial Management, providing for enhancement of the principles of preparation of temporary budget. Last time the temporary budget had been prepared for 2003, when Latvia had not yet joined the European Union (EU) and the European Economic and Monetary Union, and the medium-term budget planning had not yet been introduced, either.
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