Society in Latvia needs to teach a new financial culture - Purgaila

Society in Latvia needs to be taught a new financial culture. This, according to the LSM portal, was reported by the head of the Commission on Finance and Capital Markets Santa Purgaille. According to her, continuing the reform of the banking sector needs to explain to society the new rules of the game in financial markets. This week, Purgaille reported, Latvia is waiting for an opinion on how well the new legislative framework against money-laundering is being applied in the country. She recalled that the previous expert report of the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering had noted that seven of the recommendations had been fully implemented by Latvia and 33 had been largely implemented. However, Purgaille noted, the country was left under supervision. Purgaille acknowledged that she received signals from Latvian businesses that banks requested an extremely large amount of information and documents about transactions and companies with complex ownership structures or an extensive network of partners. At the same time, Purgaille said, everyone will have to learn to live by new rules.