Improvement of employees’ knowledge in combating money laundering in Latvia

Description

The main aim of the project is increasing the capacity, knowledge and efficiency of the Financial Intelligence Unit and the Financial and Capital Market Commission focusing on increasing the supervisory capacity in the area of prevention of money laundering as well as international sanctions requirements. This is in line with the recommendations in the Moneyval report. The objective of the pre-defined project is improved crime prevention and investigation.

The main activities of the project include:

• conferences/workshops for staff;
• develop training of staff;
• bilateral study visits to supervisory institutions abroad;
• arrange an international conference on the combating of money laundering;
• fundamental and advanced risk management courses;
• expert workshop concerning the latest developments on issues related to anti-money laundering, terrorism, and proliferation financing;
• attendance at the annual European Anti Money Laundering & Financial Crime Conference;
• training in prevention of money laundering, financing of terrorism and proliferation by the use of virtual currencies.

Summary of project results

The project aimed to address the following key issues and challenges:

• need for increased capacity in combating money laundering:
  • the Financial Intelligence Unit and the Bank of Latvia needed to strengthen their capacity, knowledge, and efficiency in preventing money laundering.  
• need for enhanced supervisory capacity:
  • there was a specific need to improve the supervisory capacity of these institutions in the area of preventing money laundering and complying with international sanctions requirements.
• compliance with Moneyval report recommendations:
  • the project directly responded to recommendations made in the Moneyval report, which highlighted the need for improvements in this area.
• addressing emerging threats:
  • the project aimed to address the evolving nature of money laundering, including the use of virtual currencies.
  • the need to keep up to date with the latest developments on issues related to anti-money laundering, terrorism, proliferation financing and sanctions.
• need for improved leadership skills:
  • the need to improve the leadership skills of managers.

The project focused on enhancing the skills and capabilities of personnel within the Latvian Financial Intelligence Unit and the Bank of Latvia. Here''s a breakdown of the activities and outputs:

• staff training and development:
  • provided access to Harvard leadership courses to improve leadership skills.
  • offered Coursera courses for employees to enhance their general knowledge and skills.
  • provided specific training (certification) in the prevention of money laundering, financing of terrorism and proliferation, including the use of virtual currencies, and on sanctions.
• international collaboration and knowledge exchange:
  • organized bilateral study visits to supervisory institutions abroad to learn best practices and gain insights into international approaches.
  • arranged an international conference focusing on combating money laundering using virtual currencies and addressing sanction matters.
  • organized an expert workshop concerning the latest developments on issues related to anti-money laundering, terrorism, proliferation financing and sanctions.

The project achieved several key results, benefiting both the institutions involved and the broader financial system. The following were the outcomes and impacts:

• enhanced capacity and knowledge:
  • employees of the Financial Intelligence Unit and the Bank of Latvia gained improved knowledge and skills in combating money laundering, financing of terrorism, and proliferation financing.
• improved supervisory capacity:
  • the project strengthened the supervisory capacity of these institutions, enabling them to more effectively prevent money laundering and ensure compliance with international sanctions.
• increased awareness of emerging threats:
  • the international conference and expert workshops provided valuable insights into emerging threats, such as the use of virtual currencies for money laundering.
  • the staff became more aware of the latest developments on issues related to anti-money laundering, terrorism, proliferation financing and sanctions.
• improved international collaboration:
  • bilateral study visits facilitated knowledge exchange and strengthened relationships with international supervisory institutions.
• compliance with Moneyval recommendations:
  • the project contributed to Latvia''s efforts to comply with recommendations from the Moneyval report.

Beneficiaries:

• Financial Intelligence Unit and Bank of Latvia employees:
  • they gained valuable skills and knowledge, enhancing their professional capabilities.
• Financial Intelligence Unit and Bank of Latvia institutions:
  • these institutions benefited from improved supervisory capacity and enhanced effectiveness in combating financial crimes.
• the Latvian financial system:
  • the project contributed to a more secure and stable financial system, reducing the risk of money laundering and terrorist financing.
• Latvian society:
  • citizens benefit from a more secure financial system.
• international partners:
  • the project helped to strengthen Latvia''s ability to combat money laundering, which is important for international cooperation.