The largest Bank in Estonia without foreign participation AS LHV Pank faced difficulties due to the geographical situation of the country, writes Bloomberg. In July, Deutsche Bank was deprived of the credit institution to be admitted to the system of mutual settlements in dollars.
Estonia borders with Latvia having a reputation as a money laundering Paradise for former Soviet republics, the Agency said. In addition, a neighbor of Estonia is Russia, which is under sanctions of several countries. LHV Bank is now trying to regain access to cashless payments in dollars.
Estonia with a population of 1.3 million people is hard to prove their significance for global markets, emphasizes Bloomberg. “Nothing to do with it, neither we the Bank nor the country can not” — said the head of the Department of services for individuals LHV Pank Andres, Kitter. With the same complexities faced several Estonian banks, he added.
According to estimates of the Basel Institute on governance, Estonia closes the three countries with the lowest risk of money laundering and the financing of terrorism. Latvia is 35 steps above and was ranked in 112th place out of 149 countries, with first place means maximum risk.
5 Aug Estonian conservative people’s party expressed outrage at Russian coin with the image of the monument to the liberator Soldier in Tallinn and stated that the authorities of the Republic should demand an apology from Moscow.
