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On April 3, 2019, the Saeima (parliament) introduced Draft Law no. 295/Lp 13 with the title “Amendments to the Law on Prevention of Money Laundering and Financing of Terrorism”, with the aim of aligning the national anti-money laundering and counter-terrorist financing (AML/CTF) framework with the provisions of the 5th Anti-Money Laundering Directive (5th AMLD).
The Ministry of Justice has introduced a draft law, the Law on Personal Data Processing, which will implement the General Data Protection Regulation (GDPR) in Latvia.
The GDPR aligns existing principles for the protection of personal data by establishing uniform rules on the protection of personal data, which would apply throughout the EU, as the current framework on personal data is not harmonised and is different in member states.
The GDPR provides the following improvements in the single market environment: