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What has Latvia wrought?

Tom Fox | February 26, 2018

If the allegations are true, hopefully one of the biggest holes in the anti-money laundering banking world will be plugged. It involves the small European country of Latvia and the head of its central bank, Ilmars Rimsevics, who has been detained for allegedly soliciting a bribe of 100,000 Euros from a bank in the country. The U.S. Treasury has alleged that the country’s third largest bank, ABLV, has institutionalized money laundering on truly a global scale, including money laundering linked to financing North Korea’s nuclear weapon program.

As head of the country’s banking system, Rimsevics is accused of soliciting bribes from multiple banks in the country to look the other way when allegations of Russian or other sanctioned countries’ money flowed through the country’s banking system. With the scrutiny put on Cypress,...

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