Latvia has agreed an extension in introduction of Moneyval recommendations - Znotina

RIGA - Latvia has been able to agree to an extension in the introduction of the recommendations from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), Ilze Znotina, the head of the Office for Prevention of Laundering of Proceeds Derived from Criminal Activity, told Latvian Television this morning.

''There is considerable progress. We have prepared our first report and have already introduced a majority of the recommendations. I think Moneyval has noticed this as well. The international experts only want the best for us, which is why we have agreed to an extension so that we could even better present our progress,'' she said, adding that Latvia will present its report on August 31, instead of the previous deadline of July 31.

Asked about the banking system in Latvia, Znotina said that it will most likely not be the same as it was just several years ago.

''I am happy that we have been able to come to this agreement. The state and private sector are working very hard,'' she added.