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WEEK 16.2005

Friday, the 22nd of April, 2005

The USA sever relations with two Latvian banks
On April 21 the State Treasury of the USA said that two Latvian banks, Multibanka and VEF Banka, are the financial structures, which cause paramount suspicions in money laundering. Now the banks could face the dissolution of all correspondent relations with their colleagues in the USA. The American side said that Multibanka was used by many Russian and false companies for facilitation of hiding the illegal finances in states, where the legal system considering money laundering is not very developed. VEF Banka is accused in lack of control and serious measures for combating the legalization of the illegal finances. The heads of the two banks were shocked by the announcement of the US State Treasury.
Biznes & Baltija

Thursday, the 21st of April, 2005

Should be ready for everything
If the oil price in the global market increases, the petrol price in Latvia could increase and reach EUR 1.14 per litre. The executive director of Latvija Statoil, Baiba Rubesa, said that these are only forecasts. Moreover, Latvia still has low excise tax for petrol, and this tax is supposed to grow.
Dienas Biznes

Wednesday, the 20th of April 2005

Waste much time
Only 7,585 enterprises out of 50,000 companies have submitted their reports for 2004 to the Enterprises Register. However, only eight days are left for doing it. In case if the firm does not submit the necessary document, it will have to pay fine and receive a reprimand. In 2004 the Enterprises Register compiled 357 protocols on administrative violations, because the firms were late with their reports.
Biznes & Baltija

Tuesday, the 19th of April 2005

AKKA/LAA goes for hunting
According to the amendments to the Law on Copyright, starting from March 1, 2005, only one organization in Latvia, AKKA/LAA, could be occupied with the protection of the copyright. It gives this organization nearly monopoly rights to dictate prices for licenses, which allow the broadcasting of music in public places. Nowadays this right could cost EUR 12.85-20 per month, which is not so much at all. However, no one knows, how this sum is calculated. The specialists of AKKA/LAA explained, that the sum depends on the place’s area. There are also different kinds of licences.
Kommersant Baltic Daily

Monday, the 18th of April 2005

Want the objects expertise
Latvian building engineers wish to introduce a norm into the law on construction, which would stipulate conducting the expertise of the building before putting it into exploitation. It is necessary in order to increase the quality of the objects, especially taking into account the fact that the volume of new objects grows. The head of Latvian Building Engineers Union, Martins Straume, said that earlier such an expertise was obligatory.
Dienas Bizness

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