The Latvian Government has published the eighteenth financial sector update newsletter

In this issue the main articles are: 

• Financial and Capital Market Commission (FCMC) suspends the provision of financial services by JSC “PNB Banka”
• Financial Intelligence Units from across Europe meet in Riga to take part in an International Financial Intelligence Task Force
• S&P Global Ratings and Fitch maintain a long-term foreign currency sovereign credit rating of ‘A’ and ‘A-‘ respectively, with a stable outlook
• FIU Latvia freezes EUR 212.5 million assets in the first nine months of 2019, up 2.8 times from the same period in 2018
• The number of cases prosecuted for money laundering has doubled in the first eight months of 2019, compared with the same period in 2018.
• FCMC applies a fine of one million euros to JSC “PrivatBank” and imposes several legal obligations
• State Revenue Service applies sanctions, imposing fines in total of EUR 301,675

Read more here.