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Unavailability of deposits of PNB Banka

Unavailability of deposits of PNB Banka

15 August 2019 the Financial and Capital Market Commission of Latvia (Lat. Finanšu un kapitāla tirgus komisijas, FCMC), being a regulatory authority of financial services provision in Latvia, has published an information that AS PNB Banka’s (former Norvik Banka) functioning has been suspended. The decision of FCMC has been made in extraordinary meeting of its

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Difficulties of SWIFT functioning in Latvia

Difficulties of SWIFT functioning in Latvia

27 November 2018 during the session of Saeima (legislative body of Latvia) it was informed that the international interbank system of telecommunications and payments SWIFT has proclaimed Latvia as a high risk country that resulted in sufficient slowdown of all transactions in this system. This circumstance is primarily connected with Moneyval’s (the Committee of Experts

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Restrictions of servicing of shell companies in Latvian banks

Restrictions of servicing of shell companies in Latvian banks

On 26 April 2018 Seim of Latvia has approved an Amendment to Law on the Prevention of Money Laundering and Terrorism Financing in second reading (the Amendment). The Amendment will enter into force after being published officially. The main change is the prohibition of servicing of some shell companies in all Latvian financial institutions, including

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Latvia has included Russia in the list of countries for automatic exchange

Latvia has included Russia in the list of countries for automatic exchange

On 13 April 2018 Cabinet of Ministers of Latvia has amended Regulation No. 20 of 5 January 2016 that establishes Procedures by which a Financial Institution Implements the Due Diligence Procedures for Financial Accounts and Provides Financial Accounts Information to the State Revenue Service. This document contains a list of states and territories with which

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Latvian banks to stop servicing shell companies’ accounts

Latvian banks to stop servicing shell companies’ accounts

In the late March 2018 the financial authorities of Latvia have announced a dramatic change in their policy in respect of so called “shell companies” (i.e. the foreign companies existing as legal entities but having no significant assets, independent business operations, etc.) that constitute a considerable part of clients of Latvian banking sector. The change

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Reitumu Banka has suspended services in US Dollars

Reitumu Banka has suspended services in US Dollars

14.03.2018 an informational message that Euro will be the main operational currency of Latvian bank Reitumu Banka due to the difficulties of processing transactions in US dollars was published on the official website of this financial institution. In this message, “reputational problems of the Latvian banking system” were named as the main reason for making

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ABLV Bank: recent events

ABLV Bank: recent events

26.02.2018 an informational message that the bank’s management made a decision on self-liquidation was published on the official website of the Latvian bank ABLV Bank, AS. This material describes the circumstances and presents the chronology of events that led to the liquidation of the second largest bank in Latvia. 12.02.2018 a division of the US

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Highlights of tax reform in Latvia

Highlights of tax reform in Latvia

Since January 1, 2018, new legal acts regulating the main types of taxes have entered into force in Latvia, such as the Corporate Income Tax Law, the Value Added Tax Law and the Personal Income Tax Law. All these acts were approved by the Saeima of Latvia in 2017. Below we bring to your attention

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Latvia enacts rules for filing registers of beneficial owners

Latvia enacts rules for filing registers of beneficial owners

On 9 November 2017 legislative bodies of Latvia enacted amendments tool “Anti Money Laundering and Terrorist Financing Law” (“the Act”). The main innovation made is a requirement to file registers with accurate and up-to-date information about beneficial owners of legal entities. The requirement to file registers of beneficial owners will be applicable from 1 December

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Changes in the tax system of Latvia

Changes in the tax system of Latvia

Prior to the introduction of the tax reform in Latvia, companies, reinvesting profits back into business, were required to pay the corporate income tax at a rate of 15%. At the same time, in case of dividends being paid by Latvian company to non-resident individuals they were subject to withholding tax in Latvia at a

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