The Moneyval report released by the Council of Europe indicates that Latvia has made significant strides in its approach to asset recovery, particularly emphasizing the extensive use of confiscation measures that do not require a conviction. This indicates Latvia's commitment to combating financial crimes and facilitating the recovery of proceeds from such activities. The report outlines Latvia's strategy which includes the confiscation of criminal proceeds, instruments used in crimes, and assets of equivalent value, marking a shift towards more proactive measures in fighting corruption and financial wrongdoing.

In implementing its asset recovery policies, Latvia has undertaken institutional reforms acknowledged in the national action plans aimed at preventing money laundering and financing of terrorism and proliferation. The report emphasizes Latvia's effective use of temporary measures that allow for quickly identifying, tracing, and freezing assets, showcasing the proactive stance the country has adopted in asset recovery. The report highlights that assets worth over three billion euros have been arrested or frozen as part of these efforts, pointing to a robust framework for addressing financial crimes.

The implications of the Moneyval report are significant for Latvia, as it underscores the country's ongoing efforts to improve its financial integrity and compliance with international standards. By showcasing its commitment through institutional reforms, Latvia not only enhances its reputation in the international community but also aims to deter future financial crimes, ultimately contributing to a more secure financial environment. The continued focus on non-conviction confiscation serves as a critical tool for authorities in maintaining accountability and transparency within the financial system.