Moneyval publishes a report on Latvia

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August 23 2018

MONEYVAL calls for actions to combat money laundering and terrorist financing in line with Latvia’s risk profile.

In a report published today on Latvia, MONEYVAL acknowledges that large financial flows passing through the country pose a significant money laundering threat. Latvia is a regional financial centre, with a majority of its commercial banks focusing on servicing foreign customers, mainly from the Commonwealth of Independent States (CIS) countries. Hence one of Latvia’s key money laundering (ML) risks remains the vulnerability of CIS countries to economic crime, especially corruption. Latvia’s own level of corruption, vulnerability to international organised crime and significant shadow economy are also key factors of the overall ML risk faced by Latvia.