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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

Electronic notarized certification of documents in Latvia

Sworn notaries of Latvia have obtained rights to perform notarized certifications of different documents electronically. On 8 March of 2018 were adopted “Amendments to the Notariate Law” (hereinafter referred to as the – amendments) [1], which have supplemented the Notariate law with the new chapter E1  “Electronic certifications”. The chapter E1  “Electronic certifications” has entered Read more

Clampdown on shell companies

In May 2018 the amendments to the Law on the Prevention of Money Laundering and Terrorism  Financing (“the Law”) came into force, which aimed to strengthen the Latvian state financial system by reducing the number of high-risk transactions with particularly high-risk customers, which are shell companies. At present, the Law sets the characteristic features of Read more