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Tuesday 19.06.2018 | Name days: Nils, Viktors
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Expert: there is no reason to suspect Latvian banks in terrorism funding

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Latvia has no reasons to suspect Latvian banks are being used to fund terrorism, says Money Laundering Prevention Service manager Viesturs Burkāns.

«I am certain that we have no reason to be concerned about any ignored cases money laundering or terrorism funding in Latvia,»- Burkāns said, though, adding that the current system should be ready nonetheless.

International experts have evaluated Latvia’s current system for such cases as good, i.e., the system works.

According to officials, the service receives a notable number of reports from the financial sector every year. These reports state even the slightest suspicions about possible cases of terrorism funding. Every case is carefully investigated by a group formed from top experts in the field.

«So far, thankfully, not a single real case of terrorism funding has been confirmed. We can be sure that banks and other financial sector institutions carefully follow the situation, and will react adequately if need be,»- Burkāns says.

It was previously reported that information surfaced that English banks haven’t been reacting to cases of terrorism funding. Even the banks themselves have admitted their inability to perform measures to prevent cases of money laundering.

The US Senate concluded in a 330 page report that the largest English and European bank – HSBC – allowed departments in countries like Mexico, Saudi Arabia and Bangladesh to perform questionable transfers of billions of dollars to the US without appropriate supervision.

Ref: 104.109.109.2590


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