Virtual currencies pose a high money laundering and terrorist financing risk to Latvia and the absence of regulation is compounding the danger, a review by the country’s financial intelligence unit has found.
Latvia’s financial sector was left battered in February 2018 when the US Financial Crimes Enforcement Network (FinCEN) proclaimed ABLV Bank, a large private lender, as a prolific money launderer and violator of sanctions on North Korea, sending it into voluntary liquidation.
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