During the meeting, Putniņš informed about the radical transformation of business models of Latvian banks, which is carried out in close cooperation with the sector under supervision. According to the FCMC representatives, since the three years of change since 2016, the Commission has been in charge of the Bank's customer base and risk segment, a significant drop in foreign deposits, domestic and European deposits. s dominate and get rid of the maintenance of unwanted shellfish companies in Latvian banks.
The FCMC announces that the participants in the TAX3 delegation will reduce Latvia's efforts to reduce non-resident deposits of non-residents in the banking sector, as well as a change in the business approach, as well as the fact that this year historically lowest level of foreign deposits & # 39; s in Latvian banks this year has reached 20%.
"The dialogue that began in April with our colleagues from the TAX3 committee is going on today in a very professional atmosphere, I am pleased to be able to demonstrate statistically significant progress in the Latvian financial sector, together with a good understanding of the approach to new market participants in Latvia, "says Putnins.
She said that, especially in the past four months, a lot of work has been done, precisely because of the risk reduction in the area of preventing money laundering. "If the deposits of local and European Union (EU) citizens in Latvia's banks only represented 65% by 2015, they are already 90%. has been built over the past 25 years, a very different risk model that is now being integrated into business strategies, "said FCMC CEO.
According to him, there is no reason to talk about a risky cash flow in Latvia. The percentage of potentially risky deposits and transactions will be so low that there is no basis for fear that the FCMC can not control it. "The phase of fundamental change in the Latvian banking sector under the leadership of the FCMC will continue. The transformation of our banks will be achieved by including the new business models in their future strategies," Putnins explains.
The Head of the FCMC stressed that the process of historical changes carried out by its Latvian banks specializing in providing services to foreign customers is carried out in accordance with the risk mitigation method applied by the FCMC in a controlled manner and without unnecessary shocks, and yields high performance indicators during this period of change. The FKTK & # 39; s demanded higher stability levels for foreign-owned banks have justified themselves, because "this solid basis for meeting customer obligations while drastically changing the business model."
As reported, the head of the TAX3 delegation, Petr Jezek, said during a two-day visit to Latvia, Friday, that Latvia should improve the involvement of law enforcement agencies in the fight against financial crime.
TAX3 Latvia's mission was to meet representatives from the public and private sectors to understand the tax relief policy in Latvia. Representatives of the EP met with Finance Minister Dan Reiznieci-Ozol (ZZS), State Tax Administration, Audit Service, Financial and Capital Markets Committee, Prevention of Corruption and Combating the Office, etc. Management of the responsible institutions, as well as the members of the Saeima, the Freeport of the Riga Authority, liquidators of ABLV Bank.
Jezek pointed out that Latvia is generally aware of the situation in the buckets sector, but that a number of improvements are needed. He praised Latvia's efforts to reduce non-resident deposits. If in 2015 deposits of local and EU citizens in Latvian banks accounted for 65%, they are currently 90%. Similarly, the number of Shell companies in Latvia has decreased significantly. However, according to TAX3, Latvia needs to make a series of improvements to the legal system to get more investigative actions directly in the area of financial crime and to follow a conviction. Jezek became convinced in conversations with the Latvian representatives that in the near future realistic results of the research in Latvia can be expected.
The TAX3 committee continues the work of the previous committees – EP special committees on tax issues and character or impact-similar measures (TAXE 1 and TAXE 2) and the EP committee on money laundering, tax avoidance and incident investigation (PANA). ). In all these committees, two Latvian MEPs – Roberts Zīle (VL-TB / LNNK) and Krišjānis Kariņš (V) – worked for them.