Latvia: changes to the AML law

ABLV Bank headquarters, Riga, Latvia (ABLV Bank, Public domain)

Hungary: “new people” will enter the cabinet

Bulgaria: railway line between Sofia and Elin Pelin to be completed by the end of 2020

Latvia

Latvian financial institutions won’t be allowed to cooperate with the entities that “show signs of being a shell company”, Leta agency informs. As reported, Latvian government approved amendments to the Law on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) submitted by the Finance Ministry.

The decision was taken due to closing by European authorities ABLV Bank, the Latvian lender facing US accusations of money laundering tied to North Korea.

According to the amendment to the AML/CFT, the shell company is an entity that fits one or several of the following three criteria:

  • there is no actual economic activity and no documentary proof to the contrary,
  • the entity is registered in a jurisdiction where companies are not required to submit their financial statements,
  • the entity has no place of business in its country of domicile.

As reported, the bill limits the possibility of using the Latvian finance system for moving the “dirty money around”. It also urges Latvian financial institutions to reduce their risk profile.

>>More

Hungary

The Budapest Business Journal informs that the new cabinet of Viktor Orbán will mostly consist of new ministers. The portal quotes the leader of Fidesz, who confirmed during a press conference, that he had a mandate from the heads of the party to form a new government. Mr. Orbán informed that he wanted new people to enter the cabinet and added that he would reform its structure.

>>More

Bulgaria

Bulgaria continues to improve its railway infrastructure. Novinite.com informs that by the end of 2020 the modernization of the railway line between Sofia and Elin Pelin will be completed. The line is 23-kilometer long.

The total modernization cost is BGN130m. Approximately BGN115m will be provided from the EU funds. As reported, the trains speed will be 160 km/h.

>>More

What’s up in indexes

BET (of Bucharest) decreased from 8,859.72 index points Thursday, April 5th to 8,840.36 index points Tuesday, April 10th. It’s down 0.23 per cent d/d and up 7.61 per cent y/y.

BUX (of Budapest) decreased from 38,306.34 index points Monday, April 9th to 37,882.42 index points Tuesday, April 10th. It’s down 1.11 per cent d/d and up 16.68 per cent y/y.

CROBEX (of Zagreb) increased from 1,807.44 index points Monday, April 9th to 1,811.97 index points Tuesday, April 10th. It’s up 0.25 per cent d/d and down 4.26 per cent y/y.

OMXR (of Riga) increased from 1,029.18 index points Monday, April 9th to 1,045.06 index points Tuesday, April 10th. It’s up 1.45 per cent d/d and up 33.78 per cent y/y.

OMXT (of Tallinn) decreased from 1,263.16 index points Monday, April 9th to 1,260.22 index points Tuesday, April 10th. It’s down 0.23 per cent d/d and up 13.19 per cent y/y.

OMXV (of Vilnius) increased from 702.25 index points Monday, April 9th to 702.77 index points Tuesday, April 10th. It’s up 0.07 per cent d/d and up 24.38 per cent y/y.

PX (of Prague) decreased from 1,125.55 index points Monday, April 9th to 1,125.02 index points Tuesday, April 10th. It’s down 0.05 per cent d/d and up 13.77 per cent y/y.

SAX (of Bratislava) increased from 340.69 index points Monday, April 9th to 342.76 index points Tuesday, April 10th. It’s up 0.61 per cent d/d and up 11.78 per cent y/y.

SOFIX (of Sofia) increased from 659.03 index points Thursday, April 5th to 664.75 index points Tuesday, April 10th. It’s up 0.87 per cent d/d and up 1.61 per cent y/y.

UX (of Kyiv) decreased from 1,732.50 index points Friday, April 6th to 1,730.22 index points Tuesday, April 10th. It’s down 0.13 per cent d/d and up 60.22 per cent y/y.

WIG20 (of Warsaw) increased from 2,262.16 index points Monday, April 8th to 2,274.81 index points Tuesday, April 10th. It’s up 0.56 per cent d/d and up 1.37 per cent y/y.

Share this post

TOP