LATVIA: Banking sector reform clouded by potential coalition infighting

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Latvia’s progress in tackling money laundering has lowered the probability that the country will be “grey-listed” by the G7’s Financial Action Task Force (FATF) next week. Despite the notable regulatory reforms in the banking sector, the political and legal focus on fighting corruption has yet to translate into real sentences for financial crimes. Mounting tensions in the five-party coalition government led by Krisjanis Karins (New Unity party) pose a risk to reform continuity. On 22 January, the Council of Europe’s Moneyval committee issued a largely positive assessment of
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