Latvian AML Shortcomings Aiding Foreign Bribery, Report Says

The Organisation for Economic Co-operation and Development (OECD) has said Latvian authorities are still failing to tackle money laundering linked to foreign bribery, despite broader efforts to tighten up anti-money laundering (AML) controls.

In a report published last week, the organisation said Latvia’s actions were too focused on euros and cents to the detriment of actual prosecution of those responsible for illicit funds slushing through the Baltic state’s financial institutions. 

The OECD, which comprises 36 developed economies, published the report as part of a regular assessment of compliance of signatories to its Anti-Bribery Convention. 

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