Latvia Refines Laws on Money Laundering, Watchdog Says
(Corrects headline to show Moneyval isn’t a body of the European Union.)
The Baltic country brought its laws on money laundering in line with international standards and adopted better regulations for asset recovery, particularly by subjecting indirect proceeds from the crime to confiscation, Moneyval, the Council of Europe’s monitoring body for money laundering and terrorism financing, said in an e-mailed report today.
Still, Latvia needs better rules on freezing terrorist assets under the United Nations Security Council resolutions, according to the report. The watchdog also advised the nation to simplify procedures for reporting transactions suspected of involvement in financing terrorist groups.
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