Ticker
Suspect trillions flowed through Cyprus, Estonia, and Latvia
By EUobserver
Banks in Cyprus, known for their Russian clients and lax supervision, handled €3.4 trillion of cross-border transactions including by non-resident clients between 2008 and 2015, Bloomberg reports. Latvian banks handled €2.8 trillion and Estonian ones €900bn. The figures came out after a scandal in which the Estonian branch of Danske Bank handled €200bn of mostly "suspicious" Russian money, prompting EU action on money-laundering and leading to criminal investigations.