15 Apr '18, 9pm

Latvia overhauls banking amid money-laundering accusations

Latvia overhauls banking amid money-laundering accusations

EUROZONE member Latvia is scrambling to reform its banking sector after US authorities accused its third-largest lender of large-scale money laundering with connections to North Korea's nuclear weapons development programme. Desperate to restore credibility, Riga is eliminating deposits in US dollars, cracking down on dealings with shell companies that may be used to facilitate money laundering, and limiting the number of non-resident depositors that banks can serve. Latvia's "boutique banking" sector has long sold itself to foreigners as a gateway to the European Union, with 11 of Latvia's 23 registered commercial banks catering to non-residents. A lucrative sector, exports of financial services brought in 446 million euros (S$722 million) in 2016. sentifi.com Market voices on: But its dream to become a regional financial hub turned into a nightmare after authorities shru...

Full article: http://www.businesstimes.com.sg/banking-finance/latvia-ov...

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