Amendments To The Proceeds Of Money Laundering And Terrorist Financing Prevention Act

Original Language Title: Grozījumi Noziedzīgi iegūtu līdzekļu legalizācijas un terorisma finansēšanas novēršanas likumā

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/228733

The Saeima has adopted and the President promulgated the following laws: amended Criminal money laundering and terrorist financing Prevention Act, to make the Crime of money laundering and terrorist financing Prevention Act (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 2008, no. 16; 2009, no. 2; Latvian journal, 2009, 196, 205. No.) the following amendments: 1. Replace the entire law, the word "Euro" with the word "Euro".
2. Replace the entire law, the words "electronic money institution" (the number and fold) with the words "electronic money institution" (the number and fold).
3. Article 1: expressions of the introductory part of paragraph 7 as follows: "7) financial institution, recorded in the commercial merchant, branch or agency or other Member State or third country where the merchant is registered in the register, other than a credit institution, and which provides one or more financial services within the meaning of the law of credit institutions, other than financial services, which are authorised to provide only the credit institution. For a financial institution considered: ";
to make the "f" section 7 paragraph by the following: "(f)) payment authority,";
Supplement 7 to the "g" and "h" section as follows: "(g)) another payment service provider, h) an electronic money institution;".
4. Supplement article 3, second subparagraph, after the words "subsidiary company" with the words "Member States and".
5. Put article 5 the first paragraph by the following: "(1) the Criminal money laundering is the following: 1) criminal conversion of other values, their location or change of affiliation, knowing that these features are obtained by the criminal and if these operations were carried out in order to hide or mask the criminal origin of the funds or help another person involving the criminal offence was committed, to avoid legal liability;
2) criminal of the true nature, source, location, disposition, movement, concealment or disguise of the home, knowing that these features are criminal were obtained;
3) from criminal acquisition property, possession or usage, if this law occurs it is known that these means are criminal were obtained;
participation in any of the 4) of the first subparagraph 1., 2., and 3. the actions referred to in paragraph 1. "
6. Express article 17 paragraph 1 first subparagraph as follows: "1) clarified the true beneficiary identification information. Legal act subject formations also clarified the structure of the Member or the way that gets the true beneficiaries control over this legal entity; ".
7. in article 26: put the name of the article as follows: "simplified customer research";
replace the first paragraph, the words "do not" with the words "make a simplified";
replace the first subparagraph of paragraph 1, the words "money transfer and remittance service providers" by the words "payment institutions";
to make a fifth by the following: "(5) the customer research, law simplified the subject obtained and documented information indicating that the customer meet the exception referred to in the first subparagraph, and after the transaction, the relationship started out their monitoring."
8. Article 27: put the name of the article as follows: "customer research exceptions";
Replace paragraph 1 of part three, the number "150" with the number "500";
to make the third part of point 2 as follows: "2) if electronic money device it is possible to repeatedly add to and one calendar year of the settlement with the electronic money device shall not exceed the amount in dollars, which by the Bank of Latvia exchange rate is equivalent to 2500 euro. This exception shall not apply where the electronic money institution from the client (the electronic money holder) after its request for the same calendar year, eur 1000 or more repurchases. "
9. Replace article 29, first paragraph, the words "money transfer and remittance service providers" by the words "payment institutions".
10. Article 45: make the first part of paragraph 1 by the following: "1) credit institutions, electronic money institutions, insurance companies, carrying out life insurance, private pension funds, insurance intermediaries, which provides life insurance services, investment companies, investment management firms and payment institutions — financial and capital market Commission;"
replace the third paragraph, the words "the State revenue service territorial institution according to its legal address or the declared place of residence address" with the words "the State revenue service".
11. Add to the informative reference to directives of the European Union with paragraph 3 by the following: "3) of the European Parliament and of the Council of 16 September 2009. directive 2009/110/EC on electronic money institutions on the taking up, pursuit and prudential supervision of the business, amending Directive 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC".
The law adopted by the Parliament in the March 31, 2011.
The President of the Parliament instead of the President S. Āboltiņ, Riga, 2011 April 15.