Prime Minister: it is necessary to significantly reduce the risks of financial fraud in Latvia.
In collaboration with the state, the financial sector, as well as technology and telecommunications companies, it is possible to significantly reduce the risks of financial fraud and more effectively protect society, said Prime Minister Evika Silina today after a meeting of the Financial Sector Development Council (FSDC).
She noted that cases of financial fraud continue to increase, creating a significant burden on the population and banks. "There is still a lack of adequate tools to provide protection against the various methods used by fraudsters," emphasized Silina.
Therefore, today at the FSDC meeting, an agreement was reached that changes to the laws, including the Electronic Communications Law and the Criminal Law, need to be expedited to reduce the opportunities for fraudsters and protect people.
As reported, last week fraudsters deceived residents of Latvia out of 1.69 million euros - this is one of the largest amounts of damage in a week recently.
The goal of the FSDC's activities is to coordinate and improve cooperation between government agencies and the private sector to promote the sustainable development of the financial sector and prevent the legalization of criminally obtained funds, as well as the financing of terrorism and proliferation.
According to the regulations of the FSDC, its members include the Prime Minister (Chair of the Council), the Minister of Economics, the Minister of Foreign Affairs, the Minister of the Interior, the Minister of Finance, the Minister of Justice, the Attorney General, the President of the Bank of Latvia, the Head of the Financial Intelligence Unit, the Chair of the Latvian Financial Sector Association, the President of the Latvian Insurers Association, the Chair of the Board of the Latvian Payment Services and Electronic Money Institutions Association, the Head of the "FinTech Latvija" association, and the President of the Latvian Confederation of Employers.
