A year after closing one of its largest banks for money laundering and the detention of its central bank governor for alleged bribery, Latvia is struggling to deal with the fallout from the corruption scandal.
The country’s new government, formed in January after months of political deadlock, is trying to introduce reforms ahead of a review by international money-laundering standards watchdog Moneyval, which Latvian officials fear could label the Baltic state as high risk.
The stakes are high for Latvia, tarnished by a string of money laundering and corruption scandals, including the shuttering of banking group ABLV last year.
But efforts to clean up the country’s reputation are moving slowly. Central Bank Govenor Ilmars Rimsevics is still awaiting trial 14 months on from his brief detention. A top European court has ruled that he should not have been barred from office, in an embarrassing setback for the tiny state.
By John O’Donnell and Gederts Gelzis, Reuters, 12 April 2019
Read more at Reuters
Photo: Saeima [CC BY-SA 2.0], via Wikimedia Commons
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