TITLE

Combating Financial Crime

PUB. DATE
May 2005
SOURCE
Emerging Europe Monitor: Central Europe & Baltic States;May2005, Vol. 12 Issue 5, p11
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
This article looks at the issues facing the banking sector in Latvia as of May 2005. The reputation of the banking system in Latvia has been affected by suspicions of money laundering. These concerns about possible financial crime are linked to the role of Latvia as a regional financial hub and the reliance of a number of local banks on non-resident deposits to fund their operations. It is a fact that international perceptions of the stability of the banking system are important because the high proportion of non-resident deposits, and the financial volatility that would be generated were considered clients that may withdraw their money out of the country in the event that investigations reveal financial crime to be existing. Latvian Prime Minister Aigars Kalvitis has promised to intensify efforts to address financial crime. In line with this, he will chair the newly established Council for Preventing Legalisation of Illegally Acquired Proceeds, which centered on the prevention and investigation of financial crime.
ACCESSION #
16695944

 

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