RIGA: Latvia launched just 85 money-laundering investigations in 2017 even though its banks flagged 17,900 suspect transactions, data seen by Reuters shows, highlighting the challenge the Baltic state faces in repairing its tarnished reputation.
Prime Minister Maris Kucinskis has vowed to invest more in monitoring banks after the United States triggered the closure of Latvia’s third biggest bank, ABLV, by accusing it of money laundering and breaching sanctions on North Korea.
Washington, an important military ally for the former Soviet-ruled state of 2 million people on the EU’s eastern flank, is watching closely how Latvia tackles money laundering, much of which is …read more
Source: The Himalayan Times
