Latvia's Ministry of Finance has prepared and submitted for inter-institutional coordination draft amendments to the country’s Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, aiming to strengthen the anti-money laundering framework, improve the effectiveness of financial intelligence and supervision, and reduce risks in the cryptoasset and currency exchange sectors. For currency exchange companies, the draft would allow firms to set a customer due diligence transaction threshold below the current EUR 1,500 level, based on each firm’s risk assessment. Cryptoasset service providers would face stricter governance requirements, including appointing responsible staff at both senior management level and within internal control units. The proposal would also enable state and municipal authorities to provide information to the Financial Intelligence Unit (FID) not only in writing but also online and via automated, regular data exchanges, and it would expand the set of institutions in the FID-coordinated cooperation group to include bodies with roles in sanctions implementation and predicate offence prevention. In addition, it would clarify beneficial owner data access by granting any person the right to obtain immediate, free beneficial owner information from the Enterprise Register and the State Revenue Service. Involved institutions are invited to submit opinions and proposals by 31 July 2025. Part of the amendments are planned to enter into force on 10 July 2027.

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