Com­mis­sioner: Latvia should pro­vide a clear re­sponse to sit­u­a­tion in its fi­nan­cial sec­tor

Baltic News Network - - News -

The scan­dal in Latvia’s fi­nan­cial sec­tor has been re­ported far and wide in the Euro­pean Union. This is why it is highly im­por­tant for Latvia to pro­vide a clear re­ac­tion to all this, said Vice-Pres­i­dent of the Euro­pean Com­mis­sion for Fi­nan­cial Sta­bil­ity, Fi­nan­cial Ser­vices and Capital Mar­ket Union Valdis Dom­brovskis in an in­ter­view to Rīta panorama pro­gramme of LTV.

Ac­cord­ing to him, it is clear that Latvia’s gov­ern­ment is work­ing hard on this mat­ter. Dom­brovskis notes that the ef­forts to com­bat money laun­der­ing ac­tiv­i­ties are on a rise across Europe. Latvia, he says, should fol­low those pro­cesses closely.

The politi­cian ex­plains that he had not re­ceived con­sid­er­able warn­ing about prob­lems with money laun­der­ing con­trol in Latvia while he was prime min­is­ter. It was dur­ing his term that the flow of fi­nances from shell com­pa­nies through Lat­vian banks had started de­clin­ing. Dom­brovskis added that Latvia failed to join Eu­ro­zone at the time be­cause of prob­lems in this field.

As for the lat­est re­port from the Euro­pean Com­mis­sion, Dom­brovskis em­pha­sized that it is gen­er­ally pos­i­tive. EC is ex­pected to pro­vide rec­om­men­da­tions to Latvia in May.

Ac­cord­ing to Dom­brovskis, Latvia’s most no­table chal­lenges in­clude ty­ing the ed­u­ca­tion sys­tem with de­mand of the labour mar­ket, as well as re­duc­ing in­come in­equal­ity in the coun­try.

REUTERS/SCANPIX

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