Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Latvia, a Baltic state of only 2 million people on the eastern fringes of the EU, is trying to cope with the latest development in a history of banking scandals.Latvia has become infamous for money laundering since the high-profile Magnitsky scandal, in which $230 million in Russian taxpayers' money was siphoned off, largely through Latvian banks, according to U.S. and European authorities.Latvian banks then went through an independent audit last year, after which Latvian regulators levied fines against three banks for a total of 640,000 euros.Barely one week later, France fined Latvian bank Rietumu 80 million euros for money laundering. The Latvian state rescued the bank at a cost of about $1 billion dollars, a colossal sum for Latvia.
FOLLOW THIS ARTICLE