Russian Billions Slip Through Latvia’s Loose Net

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As reported by Reuters, in 2017 a Latvian agency fighting against money laundering has started investigation of only 85 cases out of a reported 17,900 suspicious transaction cases.

Accordingly, only 1% of suspicious transactions reported by the banks in 2017 are submitted to law enforcement agencies. Latvian agency fighting money laundering has a staff of 33 people, some of them earning a salary of only 800 euros a month.

In this regard, all latest news indicates that Latvian state structures are in fact unable to control suspicious transactions in local banks. Foreign clients, mainly from the countries of the former USSR, use Latvian banks as a trans-shipment point for withdrawing money to bank accounts in other countries.