On October 1, 2021, amendments to the AML/CTPF Law come into force, supplementing it with Chapter IV² "Reporting of suspicious transactions and submission of a threshold declaration", which provides for the procedure for submitting new reports on suspicious transactions to the Financial Intelligence Unit.
On 1 October 2021, Cabinet Regulation No. 550 of 17 August 2021, Regulations Regarding the Procedures and Content of Submission of Suspicious Transaction Reports and Threshold Declaration, shall also come into force.
In accordance with Section 31.4, Paragraph one, Clauses 1 and 2 of the AML/CTPF Law, the subject of the AML/CTPF Law has an obligation to register in the Financial Intelligence Unit's Financial Intelligence Data Receipt and Analysis System (hereinafter - the Financial Intelligence Data Receipt and Analysis System) in accordance with the procedures stipulated by the Cabinet and to immediately report to the Financial Intelligence Unit in the Financial Intelligence Data Receipt and Analysis System for each suspicious transaction. The reporting obligation shall also apply to funds which give rise to a suspicion that they were derived directly or indirectly from a criminal offence or are related to the financing of terrorism and proliferation or an attempt to do so, but are not yet involved in the transaction or attempted transaction, as well as to cases where there were reasonable grounds to identify a suspicious transaction but due to insufficient attention or negligence the reporting obligation has not been carried out.
In view of the above, the Latvian Council of Sworn Advocates invites sworn advocates – subjects of the AML/CTPF Law to register in the Financial Intelligence Data Receipt and Analysis System goAML on the website of the Financial Intelligence Unit: https://goaml.fid.gov.lv.
More information on the new reporting system and how to register in it is available on the website of the Financial Intelligence Unit: https://www.fid.gov.lv/lv/zinosana-fid/zinosanas-sistema-goaml.
With the introduction of goAML, the parallel reporting system, which provides for the subjects of the AML/CTPF Law to submit reports on suspicious transactions in the field of taxation to both the Financial Intelligence Unit and the State Revenue Service, is abolished. Reports of the subjects of the Law on suspicious transactions in the field of taxation submitted to the Financial Intelligence Unit will be immediately sent to the State Revenue Service.