Latvia Named as the New Money Laundering Capital for CIS Countries

By in

According to an evaluation by the Council of Europe’s money laundering regulator Moneyval, the substantial monetary streams flowing through Latvia from foreign clients in CIS (Commonwealth of Independent States) nations such as Ukraine and Russia may pose critical threats illegal tax avoidance and money laundering.

According to the watchdog, CIS nations are infamous for vast scale corruption, while Latvia likewise has large amounts of corruption, worldwide organised crime and a serious shadow economy.