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Being a board member: privilege or risk?

There are two possible reasons why you are reading this article: first, you are generally interested in management of companies or second, you have been asked to join a company board. Many of you are most probably at the peak of your careers. You might have even been asked to join not one but multiple Read more

More stringent requirements for cryptocurrency undertakings

Riigikogu has finished the first reading of new draft Money Laundering and Terrorist Financing Prevention Act (MoneyLPA) and draft State Fees Act Amendment Act (8 SE I), which should be considered by so-called cryptocurrency undertakings authorised to operate in the area of providing services of exchanging a virtual currency against a flat currency or providing Read more

Breaking news from Latvia: cash will no longer be legal in real estate transactions

In May 2019, amendments to the Law on Taxes and Duties will enter force prohibiting cash payments in real estate transactions. The amendments aim to reduce the grey economy and restrict cash circulation, undercut potentially fraudulent transactions and money laundering. These amendments complement the existing legislation, which limits cash transactions above EUR 7200 threshold. This Read more

Latvian Register of Enterprises to verify beneficiaries

At the end of March 2019 the draft law to amend the Law on the Prevention of Money Laundering and Terrorism Financing was prepared. The amendments provide series of changes, including granting Latvian Register of Enterprises additional rights to verify company’s true beneficiaries, as well as to register a warning if indicated information regarding such Read more

A special Commercial secret protection law adopted in Latvia

In the era of rapid development of information technologies and manufacturing, constantly increasing investments in scientific researches and innovations, the issue of legal protection of commercial secrets (such as technologies, expertise and information) has become more essential than ever. In order to improve national regulatory enactments in this area, on 28 February 2019 Latvia’s Parliament Read more