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Latvia Steps Up Efforts to Rid Banks of Questionable Cash

Latvia Steps Up Efforts to Rid Banks of Questionable Cash

Deposits from people outside the European Union will fall by half over the next three months, Peters Putnins, chairman of Financial Capital Market Commission, said in an interview in Riga.

Total deposits in the financial system were about 17.6 billion euros ($20.7 billion) on June 7.

Drying Out Latvian bank cleanup spurs deposit outflows Source: Latvian Financial and Capital Market Commission

Deposits have plunged by almost 3 billion euros ($3.5 billion) since early February, before ABLV Bank AS was accused by the U.S. of money laundering and subsequently closed.

While Latvia won’t apply the same restrictions to foreign deposits from fellow EU countries, it will try to monitor attempts to circumvent the system, Putnins said.

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