The Council of the EU


Jure Kralj

Cite as

MS Position: Latvia

Council of the European Union

Proposal for a Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorism financing.

The Republic of Latvia welcomes the Commission's proposal and wishes to thank the Presidency for having put it on the agenda.

One of the key areas to be addressed in Latvia in the context of ML is tax evasion (VAT), which has been defined as a predicate crime in the republic and usually includes a large number of legal persons. In this respect, the set out goal of determining who the detains beneficial ownership of the entities involved seems appropriate, however the necessity of certain provisions is to be debated, especially in light of the proportionality of their impact on fundamental rights and liberties with regard to the pursued aim.

The Republic of Latvia, as attested by the latest MONEYVAL report published before the proposal of the directive in question, has been working intensely on improving its' AML/CFT legal a...

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