Dirty Money Flows Continuing Over New Channels, Latvia Says
- Tough restrictions pushed dirty money flows to other states
- Attention to different channels needed: Latvia’s FIU director
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Flows of illicit money are continuing through new channels after Latvia shut banks and instituted a crackdown, the head of the nation’s anti-money laundering watchdog said.
Authorities imposed strict measures on the financial industry, which at one point handled as much as 1% of U.S. dollar flows. Scrutiny increased when the U.S. Treasury accused a local lender of money laundering and handling money for North Korean shell companies in 2018.