Riga, March 10, 2018 – U.S. Department of the Treasury Assistant Secretary for Terrorist Financing Marshall Billingslea met with Latvian officials on March 8-9 to discuss illicit finance threats to the Latvian financial system. In his meetings, A/S Billingslea discussed risks posed to Latvia’s financial system from over-reliance on non-resident banking services, commended the significant reform efforts the Financial and Capital Market Commission (FCMC) has made since 2015, and urged Latvia to continue to reform and strengthen the sector.
Latvia’s positive, long-term economic development requires a strong and well-regulated financial sector, and the Latvian banking sector continues to face risks, including from non-resident banking. The United States remains committed to working with Latvia to combat corruption and money laundering and to aggressively counter illicit finance threats.
