Anti-Money Laun­der­ing Ser­vice to be su­per­vised by Cabi­net of Min­is­ters

Baltic News Network - - News -

On Thurs­day, 18 Oc­to­ber, mem­bers of the Saeima sup­ported amend­ments to the Law on the Pre­ven­tion of Money Laun­der­ing and Ter­ror­ism Fi­nanc­ing in the first read­ing.

These amend­ments pro­vide for en­hanc­ing the in­sti­tu­tional su­per­vi­sion model for the Anti-Money Laun­der­ing Ser­vice, as well as its func­tional ca­pac­ity and in­de­pen­dence, as re­ported by Saeima’s press-ser­vice. The leg­isla­tive draft states that the ser­vice will be put un­der su­per­vi­sion of the Cabi­net of Min­is­ters. The in­sti­tu­tion will re­main in­de­pen­dent in its ac­tiv­i­ties. Cur­rently this in­sti­tu­tion is the only state in­sti­tu­tion that works un­der su­per­vi­sion of the pros­e­cu­tor’s of­fice. It is planned that the chief of the Anti-Money Laun­der­ing Ser­vice will be ap­proved by the Saeima for a five-year term fol­low­ing a rec­om­men­da­tion from the Cabi­net of Min­is­ters. The Saeima will also have the au­thor­ity to dis­miss the chief of this in­sti­tu­tion. The same per­son will not be al­lowed to take post for more than two con­sec­u­tive terms.

Cur­rently all em­ploy­ees of the con­trol ser­vice re­quire a spe­cial per­mit to ac­cess con­fi­den­tial in­for­ma­tion. In­tended amend­ments pro­vide that the in­sti­tu­tion’s chief will be able to pick posts that do not re­quire spe­cial per­mits.

It is also ex­pected that meet­ings of the Ad­vi­sory Coun­cil will be or­ga­nized and hosted by the chief of the con­trol ser­vice. The pros­e­cu­tor gen­eral, who is cur­rently del­e­gated with the duty to host meet­ings, will be added to the coun­cil as a mem­ber.

Saeima notes the leg­isla­tive draft also clar­i­fies the ser­vice’s du­ties and rights to help iden­tify, as­sess and re­duce the risk of money laun­der­ing and ter­ror­ism fi­nanc­ing on a na­tional and EU level. In or­der to im­ple­ment in­tended changes, it is also nec­es­sary to add changes to the Law on the Pros­e­cu­tor’s Of­fice.

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