Foreign deposits dropped in most euro zone states in the second half of 2018, af...
BRUSSELS - Foreign deposits dropped in most euro zone states in the second half of 2018, after banks were hit by money-laundering scandals, European Central Bank data showed, a trend that could expose one of the bloc’s weak spots in tackling financial crime.
The fall in foreign deposits began in the second half of last year, the data show. That coincided with prosecutors opening a probe in July into Danske Bank for alleged money laundering at its Estonian branch, in what soon emerged as one of the biggest illicit financial operations in Europe. While attracting funds from wealthy foreign individuals and firms is a legitimate business, anti-money laundering experts point to higher risks linked to so-called non-resident deposits because their oversight is trickier - especially when foreign funds amount to a large share of total deposits.
In a bid to clean up the country’s reputation after its third-largest bank, ABLV, collapsed in 2018 over money-laundering allegations, the former Latvian government last year set a 5 percent threshold for foreign deposits - which had peaked at about half of the total soon after the Baltic state joined the euro in 2014.
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