Latvia’s prime minister has promised to accelerate an overhaul of the banking sector amid fears that money laundering scandals could single the country out as high risk via johnodonnell21
FRANKFURT - Latvia’s prime minister has promised to accelerate an overhaul of the banking sector as fears grow that money laundering scandals could single the country out as high risk, prompting Swedish lenders to leave and isolating the Baltic state.
Early last year, U.S. authorities accused Latvia’s third biggest bank, ABLV, of money laundering and breaking sanctions on North Korea, prompting its closure and triggering the country’s worst financial crisis in a decade. Swedbank has been drawn into a Baltic money laundering scandal that has wiped billions of euros off its market value, prompting fears among some Latvian officials that it could follow Danish rival Danske in leaving the area.
SEB Chairman Marcus Wallenberg recently said the region would remain an “important part” of future strategy.Latvia’s finance minister, Janis Reirs, who visited Washington this week to outline his country’s progress to top U.S. officials, said investigating and prosecuting of financial crime would improve.
“This is reorganization ... to change the ... staff of the supervisory board of the commission,” he told Reuters. “The banking supervision must be independent. If this is not political interference, what is this?”
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