Latvia's Ministry of Finance has prepared amendments to the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, which the Cabinet of Ministers is scheduled to consider on 2 September 2025. The package is intended to strengthen the anti-money laundering system by improving the effectiveness of financial intelligence and supervision and reducing risks in crypto-asset services and currency exchange transactions. For currency exchange transactions, the draft would allow currency exchange companies to set a lower customer due diligence transaction threshold than the current EUR 1,500, based on the firm’s own risk assessment. Crypto-asset service providers would face stricter organisational requirements, including appointing responsible staff at both senior management level and within internal control units. The amendments also adjust how state and municipal institutions provide information to the Financial Intelligence Unit (FID), enabling online submissions and automated, regular data exchange, and expand the FID-coordinated cooperation group to include additional bodies involved in sanctions implementation and prevention of predicate offences, including the Ministry of Foreign Affairs, the Office of Citizenship and Migration Affairs and the Competition Council. Access to beneficial ownership data would be clarified by granting any person the right to obtain beneficial owner information immediately and free of charge from the Enterprise Register and the State Revenue Service. Part of the amendments are planned to enter into force on 10 July 2027.

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