Europol official warns that Baltic states are vulnerable to Russian money laundering after several banks in the region were hit by scandals
Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centered on the region.
“There are billions of criminal money that are being taken out of the Russian economy,” Felicio said as he warned of the dangers of a repeat of scandals involving tainted Russian money in the Baltics, a bloc of three countries, Latvia, Lithuania and Estonia, which used to be ruled by Soviet Russia. A recent report by the Financial Action Task Force, a global standard-setter in fighting money laundering, said a “large amount of illicit proceeds flows out of China annually”.
But while things have got better, there are still gaps particularly in the Baltic states, which are now part of the European Union, Felicio said. Danske Bank’s shares plummeted after saying that 200 billion euros of suspicious money, including from Russia and former Soviet states, flowed through its Estonian branch.
While the Baltic nations are in the “front line” for receiving dirty money, it ultimately gets invested elsewhere.
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