LATVIA: SUITCASES OF CASH HALTED BY VIRUS

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.

https://www.bloomberg.com/news/articles/2020-06-30/suitcases-of-cash-halted-by-virus-in-eu-laundering-hotspot?sref=ldCf194q

 

 

 

If you would like to say thanks by making a small contribution, in case I need to upgrade or replace my computers and other paraphernalia, I have a page at https://www.buymeacoffee.com/KoIvM842y

 

 

 

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s