On 29 June, Bloomberg reported that Latvia had been tainted by headlines in recent years for the amount of dirty money found in its banks. A crackdown has ended much of the illegal activity — often wire transfers from clients in the former Soviet Union looking for a gateway for funds into the EU.  However, some more old-fashioned methods of moving money persisted, with bulk cash smuggling.  Recent border closures to curb the spread of Covid-19 appear to be confirming suspicions, as the amount of cash deposits in Latvian banks fall. It is said that law enforcement was keeping tabs on people arriving and departing as often as 15 times a year, sometimes with their entire families in tow — including children. Each carries an amount just short of the €10,000 threshold for cash declarations.




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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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