Russian billions slip through Latvia’s loose net


March 16 2018

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.

The number of unusual or suspicious banking transactions in Latvia referred to the authorities lags far behind similar statistics for Switzerland and the European Union.

In 2017, only 225 files were forwarded to Latvian enforcement authorities, or 1 percent of the transactions flagged, according to the government data seen by Reuters.